Health-care companies ticked up amid deal activity.
Bristol Myers Squibb will acquire Mirati Therapeutics in a transaction that values the oncology developer at up to $5.8 billion, the latest example of a drugmaker targeting deals to replenish revenue as top-selling products face competition from generics.
Shares of Eli Lilly rose as traders continued to chase prospects on obesity drugs. "Everybody is talking about weight loss, and it does seem like there are going to be winners and losers as a result of weight loss," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "This could be a game changer for pharmaceuticals, but also could greatly influence insurers from both sides."
Immunic shares rose after the drug developer received positive interim data from a mid-stage trial of a multiple sclerosis treatment.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-09-23 1756ET
