Danish company Novo Nordisk, a world leader...

The statement said that the agreement was signed by Kaluga Region Governor Anatoly Artamonov, Novo Nordisk"s president and chief executive officer, Lars Revien Sorensen, and the company"s vice president for CIS countries, Sergei Smirnov, in Copenhagen on the sidelines of President Dmitry Medvedev"s visit.

Artamonov said the project will become another important step in creating a major pharmaceutical cluster around the Grabtsevo technopark outside Kaluga.

Under the agreement, the construction of the insulin plant, which will be 100% owned by Novo Nordisk, will have several stages, with overall investment expected to reach $80 million-$100 million.

"Each subsequent stage will be launched if the previous one is accomplished and the investment situation is favorable," the statement said. It also said that the launch of the first production line at the plant was planned for December 2012.

Sorensen said that a plan to build a plant in Russia was unprecedented

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