Health-care companies fell sharply as the obesity-drug craze cooled somewhat.
AstraZeneca shares rose after the British drug giant said it would spend up to $2.01 billion to license an experimental weight-loss drug from Chinese drug developer Eccogene.
The drug would be part of a new class of weight-loss treatments known as GLP-1, which have made producers such as Novo Nordisk and Eli Lilly the toast of the stock market and revolutionized medical approaches to and understanding of obesity.
On Thursday, shares of Eli Lilly tumbled by 4.5%, paring stratospheric gains of roughly 60% for the last 12 months.
Eagle Pharmaceuticals shares fell after the drugmaker delayed its quarterly earnings report.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-09-23 1738ET
