Sector Update: Health Care Stocks Advance Premarket Tuesday

MT Newswires Live03-31

Health care stocks were advancing premarket Tuesday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.8% higher and the iShares Biotechnology ETF (IBB) up 1.3%.

Eli Lilly (LLY) said it has agreed to acquire Centessa Pharmaceuticals (CNTA) in a deal valued at up to about $7.8 billion, comprising an upfront cash consideration of about $6.3 million and contingent value right of up to about $1.5 billion. Shares of Centessa Pharmaceuticals were up more than 45% pre-bell.

Biogen (BIIB) has agreed to acquire Apellis Pharmaceuticals (APLS) for about $5.6 billion in cash plus contingent value rights tied to global net sales of Syfovre, the companies said. Apellis Pharmaceuticals stock was up more than 136% premarket.

Scholar Rock (SRRK) shares were up more than 11% after the company said it has resubmitted to the US Food and Drug Administration the biologics license application for apitegromab as a treatment for children and adults with spinal muscular atrophy.

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