Health-care companies ticked down as traders rotated into cyclical sectors in light of strong retail-sales data.
Laborator-supplies giant Thermo Fisher Scientific agreed to buy proteomics company Olink Holding in a $3.1 billion deal. Proteomics is the study of proteins, and adds to Thermo Fisher's array of offerings in the fast-growing life-sciences business.
Shares of Novo Nordisk slipped, but retained a gain of roughly 90% over the last 12 months.
The class of obesity drugs that includes Novo's Ozempic and Wegovy is expected to comprise 10% of total U.S. drug spending in the coming decade, said Anya Schiess, co-managing partner at JPMorgan Asset Management.
"By comparison, the most concentration we've had in the past is 5%," which was a particular kind of oncology drug.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-17-23 1734ET
