The company expects to convert manufacturing capacity at the facility to allow future production of the once-weekly GLP-1 analogue type 2 diabetes therapy.
Operations at the converted plant are scheduled to begin in the first quarter of 2014.
Novo Nordisk product supply senior vice president Per Valstorp said, "This year alone Novo Nordisk has created 100 new jobs in Kalundborg, and we are constantly looking for talented and skilled people."
Through the project, the company expects to offer 50 new production and engineering jobs at the site.
The company is also investing DKK2bn ($351.13m) in a new domicile in Bagsværd and a new facility in Kalundborg for the production of biopharmaceuticals including haemophilia medicine and growth hormone.