Danish insulin maker Novo Nordisk A/S NVO, -1.50% has signed a memorandum of understanding with the Food and Drug Administration of Iran to build a new manufacturing facility in the country.

The EUR70 million plant will manufacture Novo Nordisk's FlexPen prefilled devices and the project is expected to last five years.

"It signals our long-term commitment to Iran, a country where close to 5 million people have diabetes," said Ole Moelskov Bech, corporate vice president of Novo Nordisk Business Area Near East.

Construction of the new facility will create 160 jobs, it said. Novo Nordisk already employs around 130 people in Iran.

By Market Watch