AstraZeneca Plc (AZN) shares surged, pushing the company’s market value above £200 billion ($257 billion) for the first time, driven by a successful bet on cancer drugs that fueled a rally in the stock.

Shares rose by 0.5% on Wednesday, extending the annual gain to 22%. On Tuesday, AstraZeneca’s market value closed above £200 billion for the first time.

AstraZeneca is the UK’s most valuable listed company, maintaining a lead over Shell Plc since April, and ranks seventh in Europe by market value in dollar terms.

“Its growth has been steady rather than flashy, with the potential for breakthroughs in cancer treatment and, in some cases, weight-loss drugs attracting investor attention,” said Danni Hewson, head of financial analysis at AJ Bell. “It’s also a boost for London markets, which have been struggling to maintain their relevance.”

Chief Executive Officer Pascal Soriot, who has led AstraZeneca since 2012, has been praised for boosting the stock price after Pfizer Inc.’s failed takeover attempt two years into his tenure. His bet on cancer drugs lifted the company’s annual revenue to more than $45 billion by 2023, and he aims to solidify his legacy with a near-doubling of sales by 2030.