Health-care companies fell, but held up better than the broader market as investors sought out sectors less susceptible to changes in the odds of a U.S.-Chinese trade deal.
Japanese drug maker Astellas Pharma agreed to buy Audentes Therapeutics for about $3 billion in cash, in a deal Astellas said would provide it with a pipeline of gene therapies for rare diseases. Other developers of rare-disease drug treatments, such as Amicus Therapeutics, rose in sympathy.
Shares of biotech company Immunomedics fell sharply after-hours after it began selling a $250 million follow-on offering of shares.
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