Health care stocks were declining premarket Monday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.1% lower and the iShares Biotechnology ETF (IBB) down 0.8%.

Merck (MRK) has dropped its bid to acquire Revolution Medicines (RVMD) over a disagreement on price, The Wall Street Journal reported, citing unnamed people familiar with the matter. Shares of Revolution Medicines were down 21% pre-bell.