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Investing.com -- Novo Nordisk (NYSE:NVO) A/S has regained its title as Europe’s most valuable publicly traded company, surpassing German software giant SAP SE (ETR:SAPG).
Shares of the Danish pharmaceutical firm rose as much as 2.3% on Friday after the company announced plans to move its experimental weight-loss drug, amycretin, into late-stage trials. The decision follows recent feedback from regulatory agencies.
As of 10:20 a.m. local time in Copenhagen, Novo Nordisk’s market value reached $365 billion, edging past SAP’s $364.3 billion, according to Bloomberg data.
The company faced setbacks in June of last year, including underwhelming trial results for its obesity drug candidates and intensifying competition from Eli Lilly & Co (NYSE:LLY).
In response, Novo announced last month that CEO Lars Fruergaard Jorgensen would be stepping down.
Investor confidence was further bolstered this week after the Financial Times reported that activist hedge fund Parvus Asset Management had acquired a stake in the company, aiming to influence the selection of Novo’s next chief executive.