Health care stocks were rising Thursday afternoon, with the NYSE Health Care Index adding 0.3% and the Health Care Select Sector SPDR Fund (XLV) up 0.2%.

The iShares Biotechnology ETF (IBB) rose 0.3%.

In corporate news, a buyout of Walgreens Boots Alliance (WBA) would set the stage for a three-way split of the company, with Executive Chair Stefano Pessina keeping a notable stake under the agreement, the Financial Times reported. Walgreens shares advanced 5%.

Cassava Sciences (SAVA) shares jumped past 15%. The company said Thursday it has signed a license agreement with Yale University for intellectual property rights, including an exclusive US method of treatment patent covering simufilam as a potential treatment for seizures linked to rare neurodevelopmental disorders such as tuberous sclerosis complex.

Viatris (VTRS) shares dropped past 13% after it reported lower Q4 results, which also fell short of market expectations.