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Sector Update: Healthcare Stocks Advance in Afternoon Trading

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Healthcare stocks rose Thursday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 1.6%.

The iShares Biotechnology ETF (IBB) rose 1.3%.

In corporate news, Bio-Techne (TECH) shares surged nearly 20% after it said Thursday it has agreed to be acquired by Merck KGaA in an all-cash deal with an enterprise value of about $11.3 billion, as the German drugmaker aims to expand its presence in life sciences markets.

Eli Lilly (LLY) shares rose 0.5% after it said Thursday its weight management medicines Foundayo and Zepbound will be available to eligible Medicare Part D patients for $50 a month under the Medicare GLP-1 Bridge program, starting July 1.

PRF Technologies' (PRFX) PRF-110 demonstrated analgesic efficacy comparable to Zynrelef in a preclinical study evaluating post-operative pain treatment, the company said Thursday. Its shares jumped 17%.

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