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Sector Update: Healthcare Stocks Decline Thursday Afternoon

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Healthcare stocks declined Thursday afternoon, with the NYSE Healthcare Index falling 1.7% and the State Street Health Care Select Sector SPDR ETF (XLV) dropping 1.8%.

The iShares Biotechnology ETF (IBB) was shedding 0.6%.

In corporate news, Eli Lilly (LLY) expanded its collaboration with Resilience to invest $750 million as part of its effort to boost US production of Lilly's KwikPen injectable device for diabetes and obesity medicines, Resilience said Thursday. Lilly shares were down 4%.

Johnson & Johnson (JNJ) said it has entered into strategic agreements with Sail Biomedicines to advance the biotech's in vivo CAR-T therapy platform for immune-mediated diseases, including an equity investment and an exclusive option to buy Sail for $2.58 billion. Johnson & Johnson shares fell 3.8%.

Accuray (ARAY) shares surged 25% after it said late Wednesday it has entered into definitive agreements with TCW Asset Management, including a debt exchange deal, to strengthen its financial position and provide additional liquidity.

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