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Health Care Flat Amid Deal Activity — Health Care Roundup

Health-care companies were flat amid deal activity.

Shares of Morphic Holdings rallied after drug giant Eli Lilly agreed to buy the biopharmaceutical company for $3.2 billion, paying a hefty premium for a firm that will bolster Lilly's immunology pipeline. Shares of other mid-sized biotech companies rose in sympathy, as traders anticipated a series of similar deals as Big Pharma companies -- flush with cash from obesity drugs and other products -- boost their drug pipelines via acquisitions.

Shares of both Eli Lilly and Danish rival Novo Nordisk have risen by more than 40% for the year to date because of the obesity-drug craze, which has furnished both companies with large war chests.


Write to Rob Curran at

(END) Dow Jones Newswires

July 08, 2024 17:28 ET (21:28 GMT)

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