Health-care companies fell, but not by as much as the broad market, amid optimism about drug developments and merger activity.
Madrigal Pharmaceuticals more than tripled after the drug developer's candidate for the treatment of a chronic liver disease showed promise in an early-stage clinical trial, prompting it to file for accelerated commercial approval with the Food and Drug Administration.
The prospect of a treatment for alcohol-unrelated liver disease could entice a Big Pharma company to buy out Madrigal after a wave of similar mid-sized acquisitions, said analysts.
China acknowledged the first Covid-19 deaths since the country ended its strict pandemic control policies, but the true scale of the outbreak is veiled by lack of data and unclear rules.
Drug wholesaler Cardinal Health hired Aaron Alt, the chief financial officer of catering giant Sysco to be its next finance chief.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-19-22 1657ET
