Health care stocks declined Friday afternoon, with the NYSE Health Care Index down 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.4%.

The iShares Biotechnology ETF (IBB) shed 1.1%.

In corporate news, Eli Lilly's (LLY) Alzheimer's drug will be reassessed by the UK National Institute for Health and Care Excellence after a successful appeal against a prior decision blocking its use in the state-run National Health Service, Bloomberg reported. The regulator will review earlier guidance that found the benefits of donanemab, marketed as Kisunla, did not justify its cost for public use, the report said. Lilly shares were 0.5% lower.

Prestige Consumer Healthcare (PBH) on Friday agreed to buy some over-the-counter consumer health and wellness brands of Foundation Consumer Healthcare in a deal worth about $1.05 billion, or about $900 million net of tax benefits. Prestige shares rose 3%.

Novo Nordisk's (NVO) weight-loss drugs in India are about to face steep price cuts after the introduction of generic versions this month with the expiration of patents, Bloomberg reported. Novo shares fell 1%.