Weight loss drugmaker Novo Nordisk vies to become Europe's most valuable company, toppling LVMH

to become Europe's most valuable company as investors bet on the potential of its weight loss drugs.

Novo Nordisk's market capitalization was $421 billion including unlisted stock at 9:43 a.m. London time, according to Refinitiv data cited by Reuters, versus LVMH's $420.97 billion. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyLVMH regained the top spot it previously held for two-and-a-half years by 11 a.m. London time, Refinitiv data showed, but the drugmaker remains on its heels.

Novo Nordisk produces drugs Ozempic and Wegovy, which have generated massive hype over the past year over their potential weight loss uses.indicating that Wegovy reduced the risk of serious heart problems and heart-related death by 20%. Its share price has more than tripled over the last three years, and has gained 66% over the last 12 months.

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Novo Nordisk briefly overtakes LVMH as Europe's most valuable companyDanish drugmaker Novo Nordisk briefly unseated LVMH as Europe's most valuable listed company in intraday trading on Friday, ending the French luxury group's 2-1/2 year-long reign at the top.
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