Novo Nordisk A/S reclaimed its position as Europe’s most valuable public company, overtaking software developer SAP SE. 

Shares in the Danish drugmaker climbed as much as 2.3% on Friday 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 capitalization stood at $365 billion as of 10:20 a.m. in Copenhagen. That compares with $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. 

This story was originally featured on Fortune.com