Health Care Up as Deal Activity Continues -- Health Care Roundup

Health-care companies rose as deal activity in the sector remained hectic.

Bristol Myers Squibb struck a $4.1 billion deal to buy radiopharmaceutical therapeutics company RayzeBio. The deal follows a series of mergers among drugmakers, including Bristol Myers' recent agreement to buy psychiatric biotech treatment developer Karuna for roughly $14 billion. That deal was "an overall positive" for Bristol shareholders, said analysts at brokerage Morgan Stanley.

Among other deal activity, British drug giant AstraZeneca agreed to buy Gracell Biotechnologies for about $1.2 billion, in an effort to expand cell-therapy unit.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

12-26-23 1735ET