Health Care Down, but not by Much, Amid Deal Activity

Dow Jones

09/01

Health-care companies fell, but not by as much as the broad market, amid merger activity.

Eli Lilly agreed to buy biotech firm Merida Biosciences for up to $2.875 billion in cash, seeking to bulk up its immunology portfolio.

The iShares Biotech exchange-traded fund, a basket of biotechnology companies, rose in anticipation of more deals in the sub-sector.

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