The expansion at its Kalundborg site will boost capacity for manufacturing active pharmaceutical ingredients (API) as well as across other parts of its value chain such as packaging, the company said in a statement.
This will include lifting capacity for GLP-1 products such as semaglutide, the API in Wegovy as well as the company's Ozempic diabetes treatment.
Novo has said that it produces all of its semaglutide in Denmark.
"Our continued investment in global capacity demonstrates the belief we have in our current and future product portfolio," said Henrik Wulff, Novo's head of product supply, quality & IT.
The investment by Novo, Europe's most valuable company by market capitalisation, is the largest in Denmark by a private sector company, a company spokesperson said.
A portion of the investment was included in a 25 billion crowns capital expenditure plan announced in February.
The construction projects are due to be completed from the end of 2025 through 2029.
Novo Nordisk's share price climbed, up 0.8% as of 0910 GMT, outperforming a 0.6% drop in the wider European stock market (.STOXX).
($1 = 6.9904 Danish crowns)
