07:43 AM EDT, 07/11/2024 (MT Newswires) -- (Updates with a comment from Novo Nordisk ( NVO ) in the fourth paragraph.)

Novo Nordisk ( NVO ) has partnered with Bio Farma, Indonesia's state-owned pharmaceutical company, to package insulin in Indonesia, Reuters reported on Wednesday, citing a Bio Farma senior official.

The report said the agreement, focused on insulin packaging, does not involve production, which Novo Nordisk ( NVO ) handles in Denmark and the United States.

The investment value or when production will begin is still being finalized, Soleh Ayubi, Bio Farma's deputy chief executive officer, told Reuters, adding that this is the first of Novo Nordisk's ( NVO ) manufacturing deals in Indonesia.

Novo Nordisk ( NVO ) told MT Newswires in an email that it is "a local partnership" between Novo Nordisk Indonesia and Bio Farma, which, when the partnership is in place, will package Novo Nordisk's ( NVO ) insulins for the local market.

"For now, Novo Nordisk Indonesia and Bio Farma have signed a memorandum of understanding to partner on this so it's still very early and no details are in place yet," a Novo Nordisk ( NVO ) spokesperson said in an emailed statement.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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