Software giant SAP becomes Europe's most valuable public company

German firm unseats weight-loss drug maker Novo Nordisk and is now valued at around €312bn

German software developer SAP unseated Danish weight-loss drug maker Novo Nordisk as Europe’s most-valuable public company.

German software developer SAP unseated Danish weight-loss drug maker Novo Nordisk as Europe’s most-valuable public company.

Shares of SAP, which have surged as the Walldorf, Germany-based firm boosts cloud sales with a range of new artificial intelligence offerings, rose as much as 2.3% on Monday morning. They were up 0.9% at 10:57am in Frankfurt, valuing the firm at about €312bn. That tipped it past Novo Nordisk, whose shares have declined 18% this year due to disappointing trials of its next-generation weight-loss shot CagriSema.