Healthcare stocks fell Thursday afternoon, with the NYSE Healthcare Index down 1% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1%.

The iShares Biotechnology ETF (IBB) fell 2%.

In corporate news, Viatris (VTRS) will acquire Pacira BioSciences (PCRX) in an all-cash deal worth roughly $1.65 billion, as the healthcare company looks to strengthen its non-opioid pain management portfolio. Viatris shares were down 2%, and Pacira surged 44%.