Health care stocks were declining premarket Tuesday, with The Health Care Select Sector SPDR Fund (XLV) slightly lower and the iShares Biotechnology ETF (IBB) down 0.2%.
Coherus BioSciences (CHRS) shares were up past 69% after the company said it has agreed to divest its biosimilar drug Udenyca, which is based on Amgen's (AMGN) Neulasta, to Intas Pharmaceuticals for up to $558.4 million.
HUTCHMED (HCM) stock was over 3% higher after the company and Innovent Biologics said the new drug application for the combination of ELUNATE and TYVYT has been granted conditional approval in China for the treatment of certain patients with advanced endometrial cancer.
Novo Nordisk's (NVO) India-based executives have proposed moving up the launch of the weight-loss drug Wegovy in the country to 2025, instead of 2026 as planned, due to concerns about falling behind Eli Lilly's (LLY) Mounjaro, Reuters reported, citing two sources familiar with the matter. Novo Nordisk shares were over 2% higher premarket.
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