Health care stocks rose Monday afternoon, with the NYSE Health Care Index up 1.1% and the Health Care Select Sector SPDR Fund (XLV) climbing 1.3%.
The iShares Biotechnology ETF (IBB) added 0.7%.
In corporate news, Johnson & Johnson (JNJ) agreed to buy Intra-Cellular Therapies (ITCI) for $14.6 billion in cash to boost its neuroscience portfolio. Intra-Cellular shares jumped 34%, and Johnson & Johnson rose 1.4%.
Moderna (MRNA) shares fell 20% after the company cut its full-year revenue outlook, while the drugmaker aims to reduce cash costs by $1 billion in 2025.
Eli Lilly (LLY) agreed to acquire an experimental treatment for breast cancer and other advanced solid tumors from Scorpion Therapeutics for up to $2.5 billion. Eli Lilly shares rose 0.2%.
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