European Movers: SoftwareOne (SWON SW) +5.3%, Givaudan (GIVN SW) +2.8%, UBS (UBSG SW) +0.7%, Nestle (NESN SW) -0.3%, AstraZeneca (AZN LN) -1.3%, GSK (GSK LN) -1.3%

AstraZeneca (AZN LN) - Co.'s oral GLP-1 receptor agonist elecoglipron (75mg) achieved average body weight reduction of 10.5% at 26 weeks versus 0.6% with placebo in a trial of adults with obesity or overweight, with weight loss continuing to 11.8% at 36 weeks. Up to 88.8% of participants receiving elecoglipron achieved at least 5% weight loss. The drug will now advance to a Phase III programme. (AstraZeneca)

Givaudan (GIVN SW) upgraded to Buy from Hold at Deutsche Bank.

GSK (GSK LN) - Co. confirms the acquisition of Nuvalent (NUVL) for USD 10.6bln. GSK says the acquisition is consistent with its strategy, with the deal including 3 projects in lung cancer. Furthermore, the Co. backs its 2026 view, seeing 2026 EPS growth between 7-9% and expects the acquisition to contribute to revenue growth from 2027. (GSK) 

Nestle (NESN SW) - Co.'s long-term private equity partner, PAI Partners, has reportedly withdrawn from the bidding for Nestle's water business, Bloomberg reports. (Bloomberg)

SoftwareOne (SWON SW) - Co. set out its new 2030 financial targets: high-single-digit revenue CAGR, EBITDA margin >28% and FCF conversion >60%. (SoftwareOne)

UBS (UBSG SW) - Co. is reportedly cutting its sustainability office in Asia, cutting its headcount by half as part of a broader global restructuring, Bloomberg reports. In other news, Swiss lawmakers are said to be considering a new pitch to soften capital requirements on the bank which could reduce billions of dollars off the burden if implemented, Reuters reports. (Bloomberg/Reuters)