Novo Nordisk Places $145 Billion Bet on Oxford University Diabetes Research Unit
Danish pharmaceutical giant Novo Nordisk has planned $145 billion investment in Oxford University’s diabetes research center. The money will be invested over a period of 10 years. Novo Nordisk has strong portfolio in diabetes segment. 100 scientists at the research facility will be working on developing new treatments for diabetes.
Mads Krogsgaard Thomsen, Novo's chief scientist, said that it is disappointing to see Britain leaving the European Union but he said that there is no need to worry and their company has complete faith in research team at Oxford University.
The big investment planned by Novo Nordisk will surely boost morale of British business houses and research teams in many sectors as they have been worried about the uncertain periods till the time the European Union and Britain finalize the terms of the exit.
British Prime Minister Theresa May welcomed the investment decision taken by Novo Nordisk management. It is quite possible that Britain will offer many sops to business owners to improve the competitiveness of the country compared to others in the region.
Pharmaceutical industry experts believe that with lower British Pound, Novo Nordisk has saved nearly 20 percent of what it would have invested before Brexit. The decline in British currency has made investments in Britain more economical. James Johnson, currently a professor at the University of British Columbia, had been appointed head of the Novo Nordisk Research Centre Oxford.
After Brexit vote, two other major pharmaceutical companies announced big investments in their facilities. AstraZeneca is working on a $500 million headquarters and research centre in Cambridge. Also, GlaxoSmithKline pledged $360 million to expand manufacturing in Britain, a move seen as a reassuring gesture by a major pharmaceutical company.
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