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Sector Update: Healthcare Stocks Advance Tuesday Afternoon

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Healthcare stocks rose Tuesday afternoon with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each gaining 0.4%.

The iShares Biotechnology ETF (IBB) climbed 2%.

In corporate news, McKesson (MCK) agreed to buy Precision Medicine Group for $2.25 billion as part of the drug distributor's efforts to boost its clinical research and commercialization services. McKesson shares rose 2.2%.

Jazz Pharmaceuticals (JAZZ) shares gained 3.1% after the company said the US Food and Drug Administration approved two of its Ziihera-containing regimens to treat adults with unresectable locally advanced or metastatic HER2-positive gastroesophageal adenocarcinoma, a type of cancer.

Immatics (IMTX) shares climbed 5.4% after the company agreed to sell ordinary shares and pre-funded warrants in an underwritten offering expected to generate $150 million in gross proceeds.

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