Health-care companies rose amid deal activity. Gilead shares rose after the biotech giant agreed to buy oncology drug developer Immunomedics for about $21 billion.
Shares of Immunomedics doubled in value after the deal was disclosed. Drug makers Eli Lilly and Incyte said they will seek U.S. emergency-use authorization for their rheumatoid-arthritis drug Olumiant as a treatment for Covid-19, after a study showed that it helped hospitalized patients recover sooner.
Adding Olumiant to remdesivir shaved about one day off the median recovery time for Covid-19 patients, compared with patients who received remdesivir but not Olumiant, according to the study.
Merck said it's investing $1 billion in Seattle Genetics, as the companies collaborate on developing and selling Seattle Genetics' breast-cancer treatments.
A planned $765 million U.S. loan for Eastman Kodak to produce drug ingredients is under review by the inspector general of the agency that helped put together the deal.
The newly named inspector general of the U.S. International Development Finance Corp., a federal agency charged with making loans to businesses in connection with the coronavirus pandemic, told Sen. Elizabeth Warren (D., Mass.) last Thursday that his office was opening a review of the loan, according to a spokeswoman for Ms. Warren, who had called for further investigation.
Write to Rob Curran at rob.curran@dowjones.com
