Novo Nordisk strikes deal with Iran government to produce insulin pens in the country

Novo Nordisk ($NVO) will step up its operations in Iran, saying today it will build a €70 million ($78.1 million) plant to produce its FlexPen prefilled devices to better supply the country with its insulin products. The Danish drugmaker said about 5 million people in Iran suffer from diabetes. The project is expected to take about 5 years and will employ 160 when it is complete. The drugmaker already has 130 people working in Iran. The announcement comes only weeks after Iran nailed down its nuclear verification deal with the West which is expected to give it access to much-needed cash by being allowed to sell more of its oil. More from FiercePharmaManufacturing