Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index falling 1% and the Health Care Select Sector SPDR Fund (XLV) dropping 1.2%.
The iShares Biotechnology ETF (IBB) eased 0.3%.
In corporate news, Patterson (PDCO) agreed to be acquired and taken private by health care investment firm Patient Square Capital in a deal worth $4.1 billion, including the refinancing of the dental and animal health equipment distributor's receivables facilities. Patterson shares surged 34%.
Bausch + Lomb (BLCO) shares tumbled nearly 14% after Citigroup downgraded the company's stock to neutral from buy, and the Financial Times reported that Blackstone (BX) has decided not to proceed with a joint takeover bid for Bausch + Lomb.
Q32 Bio (QTTB) shares plunged 73% after multiple downgrades and price target cuts following results from the company's mid-stage clinical trial of an experimental treatment for atopic dermatitis.
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