-- Health care stocks were lower Monday afternoon with the NYSE Health Care Index easing 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.2%.
The iShares Biotechnology ETF (IBB) shed 0.2%.
In corporate news, Eli Lilly (LLY) said Monday it has agreed to acquire Ajax Therapeutics for up to $2.3 billion in cash. The deal includes an upfront payment and subsequent payouts based on the achievement of clinical and regulatory milestones, the company said. Lilly shares were down 0.5%.
Organon (OGN) shares jumped 17% after the company agreed to be acquired by India's Sun Pharmaceutical Industries $14 a share in cash, valuing the company at $11.75 billion.
Moderna (MRNA) is facing a patent infringement lawsuit from CureVac, which alleged that Moderna's COVID-19 vaccine Spikevax used its proprietary mRNA technology without authorization, Reuters reported Saturday. Moderna shares were falling 3.3%.
Catalyst Pharmaceuticals (CPRX) is being considered as a potential acquisition by Italy's Angelini Pharma, Bloomberg reported. Catalyst shares rose past 6%.