Shares in Danish drugmaker Novo Nordisk rose 2.3% on Friday after Novo said it plans to move its experimental weight-management drug Amicretin into late-stage development after receiving feedback from regulators.
Novo had a market capitalization of $365 billion as of 10:20 a.m. in Copenhagen. By comparison, SAP had a market capitalization of $364.3 billion, according to data compiled by Bloomberg.
Novo has suffered a series of setbacks since hitting a record high last June, including disappointing clinical trial results, its experimental obesity treatments and growing competition from U.S. rival Eli Lilly & Co. Last month, the drugmaker decided to replace CEO Lars Fruergaard Jorgensen.
Shares surged this week after the Financial Times reported that activist hedge fund Parvus Asset Management was acquiring a stake in Novo, hoping to influence the appointment of the pharmaceutical company's new CEO.
Source: Bloomberg
