Novo Nordisk invests £115m in treatment research centre for type 2 diabetes

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Danish pharmaceutical company Novo Nordisk is to invest £115 million in a new research centre in Oxford developing treatments for type 2 diabetes.

The move is to go ahead despite last year's Brexit vote, with the company citing "world leading scientists from the University of Oxford" as the reason for the decision.

The Novo Nordisk Research Centre Oxford will employ up to 100 researchers based in an Oxford University research centre, with total investment expected to be around £115 million over 10 years.

Mads Krogsgaard Thomsen, chief science officer and executive vice president of Novo Nordisk, said: "This collaboration brings together some of the world's sharpest minds in the field of diabetes to seek new targets for therapeutic innovation.

"It combines Novo Nordisk's 90 years' experience in developing treatments for diabetes with the expertise of world leading scientists from the University of Oxford.

"Our vision is that the unique combination of industrial and academic know-how will eventually lead to a new generation of treatments to improve the lives of people with type 2 diabetes."