COPENHAGEN, July 23 (Reuters) - Novo Nordisk,

the maker of weight-loss drug Wegovy, has bought a site in

Denmark's third largest city Odense and begun preparatory

excavation works for a potential new production plant, it said

on Tuesday,

Novo last year became Europe's most valuable company due to

the success of its weight-loss treatment Wegovy and diabetes

drug Ozempic.

The company has spent billions to boost production - mostly

in its native Denmark and in the United States - as it has

struggled to meet huge demand.

Odense will be a new site for the drug maker.

"With the political processes and approvals in place, we are

pleased to announce that Novo Nordisk is now the owner of the

site in Tietgenbyen in Odense," the company said in an emailed

statement.

Novo expects to make a final investment decision at the end

of the year, it said.