STOCKHOLM (Reuters) - Danish drugmaker Novo Nordisk will invest 8.5 billion crowns ($1.20 billion) in a new facility in Odense, Denmark, for the production of rare disease drugs, it said on Monday.

The company said in a statement the site will include a warehouse as well as a factory.

"Designed to be modular and flexible, it will accommodate multiple product types within rare disease, such as haemophilia," it said.

Construction work has commenced and is scheduled to be completed in 2027, it said.

($1 = 7.0926 Danish crowns)