Health care stocks were edging higher premarket Tuesday, with the iShares Biotechnology ETF (IBB) up 0.7% and the Health Care Select Sector SPDR Fund (XLV) up 0.3%.

Novartis (NVS) shares were up more than 1% after the company said the US Food and Drug Administration has approved itvisma to treat spinal muscular atrophy, or SMA. Separately, Novartis plans to cut up to 550 full-time jobs by the end of 2027 at its Stein facility in northern Switzerland, Reuters reported, citing the company.

Novo Nordisk (NVO) stock was up more than 2% after the company said a phase 2 trial of its experimental drug amycretin in people with type 2 diabetes showed reductions in weight and HbA1c or average blood sugar.

Select Medical Holdings (SEM) shares were 14% higher after the company said it has received a non-binding indication of interest from Executive Chairman and co-Founder Robert Ortenzio to acquire all the outstanding shares of the company for between $16 and $16.20 per common share in cash.