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Sector Update: Healthcare Stocks Advance Wednesday Afternoon

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Healthcare stocks were higher Wednesday afternoon, with the NYSE Healthcare Index adding 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 0.3%.

The iShares Biotechnology ETF (IBB) climbed 2.2%.

In corporate news, InMode (INMD) board received an unsolicited acquisition proposal last week for all shares not already owned by M.N. Business Strategy for $16.20 per share in cash, the medical technology firm said Wednesday. Shares jumped 11%.

Pfizer (PFE) has been dismissed as a defendant in a lawsuit brought by 45 US states, the District of Columbia, and 4 US territories that accused drugmakers and executives of fixing generic drug prices, Reuters reported. Shares were down 3.1%.

Eli Lilly (LLY) and Bayer's pharmaceutical division have backed the Trump administration's call for higher drug prices in Europe, the Financial Times reported. Separately, Lilly said Wednesday it has completed its acquisition of Centessa Pharmaceuticals. Lilly shares were shedding 0.5%.

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