Health care stocks dropped late Monday afternoon with the NYSE Health Care Index decreasing 1.1% and the Health Care Select Sector SPDR Fund (XLV) falling 1.3%.

The iShares Biotechnology ETF (IBB) dropped 2.1%.

In corporate news, Omeros (OMER) closed the asset sale and licensing deal with Novo Nordisk (NVO) for Omeros' candidate drug zaltenibart. Novo shares fell 1.7%, and Omeros shed 0.8%.

UnitedHealth (UNH) agreed to sell its South American business Banmedica to private equity firm Patria Investments for $1 billion, Reuters reported Sunday. UnitedHealth shares fell 1.4%.

Merck (MRK) said its investigational therapy MK-2214 was granted fast-track designation by the US Food and Drug Administration for the treatment of Alzheimer's disease. Merck shares fell 2.6%.

Bausch Health (BHC) shares jumped 11% after the company said its aesthetic business, Solta Medical, completed the acquisition of Wuhan Shibo Zhenmei Technology, its long-time distribution partner in China.