Health care stocks rose Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 1.5%.

The iShares Biotechnology ETF (IBB) increased 0.6%.

In corporate news, AbbVie (ABBV) is terminating its decade-long partnership with Calico Life Sciences, an Alphabet-backed (GOOG) biotech company dedicated to aging research, STAT+ reported Wednesday, citing internal emails it viewed. AbbVie shares were rising 3.8%.

Centessa Pharmaceuticals (CNTA) shares jumped 17% in recent Wednesday trading, a day after the company priced its public offering of 11.6 million American depositary shares, each representing one ordinary share, at $21.50 apiece, for expected gross proceeds of about $250 million.

Bristol-Myers Squibb (BMY) and the Sarah Cannon Research Institute have expanded their strategic collaboration, aiming to accelerate the development of cancer therapies and to increase clinical trial access for US patients, the company and the institute said Wednesday. Bristol-Myers shares added 1.4%.

Evotec (EVO) shares rose 5.7% after it said it has received a $5 million milestone payment from Bristol Myers Squibb after the US Food and Drug Administration accepted an investigational new drug application for a product candidate under the companies' protein degradation partnership.