Health care stocks declined Tuesday afternoon with the NYSE Health Care Index losing 1.1% and the Health Care Select Sector SPDR Fund (XLV) falling 1.4%.

The iShares Biotechnology ETF (IBB) dropped 1.6%.

In sector news, the Trump administration is discussing policies that would make it more difficult and expensive for pharmaceutical companies to advertise directly to patients, Bloomberg reported. Banning pharma ads outright may leave the White House vulnerable to lawsuits, so the administration is focusing on creating legal and financial hurdles to discourage the practice, the report said.

In corporate news, Eli Lilly (LLY) agreed to buy Verve Therapeutics (VERV) for up to $1.3 billion to boost its cardiovascular portfolio. Eli Lilly shares fell 1.6%, and Verve jumped 79%.

Regeneron Pharmaceuticals (REGN) decided not to raise its $256 million bid for 23andMe. Regeneron shares fell 1.4%.

Ventyx Biosciences (VTYX) shares fell 13% after topline data from a phase 2a trial of its drug candidate VTX3232 in people with early-stage Parkinson's disease showed Tier 2 exploratory brain-related biomarkers remained unchanged or fluctuated within normal levels.