A Novo Nordisk employee works at a production plant in Chartres, France. (PHOTO / REUTERS / CHINA DAILY)

SHANGHAI - Leading pharmaceutical company Novo Nordisk of Denmark has signed an agreement to invest 200 million yuan (about US$30.3 million) in China.

Novo Nordisk signed the strategic collaboration agreement with Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone during the ongoing third China International Import Expo.

Novo Nordisk signed the strategic collaboration agreement with Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone during the ongoing third China International Import Expo

According to the agreement, Novo Nordisk will establish a new legal entity in the Lin-gang Special Area to engage in marketing and promotion, pharma research and development, as well as finished goods importation and distribution.

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As a new space for China to continue opening up, the Lin-gang Special Area will fully support the growth of biopharmaceutical companies like Novo Nordisk, said Zhu Zhisong, deputy secretary-general of Shanghai municipal government and executive deputy director of the Lin-gang special area administrative committee.

"Continuous efforts to improve the business environment, promote the growth of an innovation ecosystem, and create a stable, predictable policy environment make us confident in the future of the Chinese market," said Christine Zhou, senior vice-president at Novo Nordisk.

With the help of measures to deepen China's reform and opening-up such as the CIIE, Novo Nordisk will work towards its commitment to change diabetes and other chronic diseases in the country, she said.

READ MORE: Companies showcase innovative drugs

At this year's CIIE, Novo Nordisk is showcasing 14 innovative drugs including three to be available in the Chinese market soon and nine injection devices.