U.S. pharmaceutical stocks rallied collectively on Tuesday. Eli Lilly and Johnson & Johnson surged over 4% and 3% respectively, both hitting all-time highs. Crinetics Pharmaceuticals Inc. skyrocketed nearly 100%, while Gilead Sciences rose 4.5%. Pfizer and AbbVie gained over 2%, with Merck and Novo Nordisk climbing nearly 2%.

Vertex Pharmaceuticals to Acquire Crinetics Pharmaceuticals Inc. in Deal Valued at Roughly $10 Billion; Blockbuster M&A Lifts Entire Sector Sentiment.