Novo Nordisk overtakes SAP as Europe’s most valuable company

[COPENHAGEN] Novo Nordisk reclaimed its position as Europe’s most valuable public company, overtaking software developer SAP. 

Shares in the Danish drugmaker climbed as much as 2.3 per cent on Friday (Jun 13) after Novo said it plans to advance its experimental weight management treatment amycretin into late-stage development following feedback from regulatory authorities. 

Novo’s market capitalisation stood at US$365 billion as of 10:20 am in Copenhagen. That compares with US$364.3 billion for SAP, according to data compiled by Bloomberg. 

Novo has suffered a series of setbacks since reaching a record high in June of last year, including disappointing clinical trial results for its experimental obesity treatments and mounting competition from US rival Eli Lilly & Co. The drugmaker last month decided to replace chief executive officer Lars Fruergaard Jorgensen.

The shares have been boosted this week following a Financial Times report about activist hedge fund Parvus Asset Management building a stake in Novo, hoping to influence the appointment of the drugmaker’s new CEO. BLOOMBERG