Health care stocks advanced late Monday afternoon, with the NYSE Health Care Index up 0.2% and the Health Care Select Sector SPDR Fund (XLV) adding 0.1%.

The iShares Biotechnology ETF (IBB) climbed 1.6%.

In corporate news, Genmab (GMAB) shares rose nearly 4% after it said Monday new cohort data from its phase 1/2 trial of rinatabart sesutecan to treat patients with advanced endometrial cancer showcased "encouraging" anti-tumor activity and a 47.1% confirmed objective response rate at a dosage of 120 milligrams per square meter, every three weeks.

Sanofi (SNY) agreed to buy biopharmaceutical company Blueprint Medicines (BPMC) in a deal worth up to $9.5 billion, as the French drugmaker seeks to expand its immunology portfolio. Sanofi shares shed 0.4% and Blueprint jumped 26%.

Bristol Myers Squibb (BMY) and BioNTech (BNTX) said Monday they have agreed to co-develop and co-commercialize an investigational bispecific therapy across various solid tumor types. Bristol Myers shares added 1.1% and BioNTech jumped 18%.