Health-care companies rose, but not by as much as the broad market, as investors rotated into sectors more sensitive to moves in interest rates.
Shares of Johnson & Johnson rose after the U.S. Food and Drug Administration said its single-dose Covid-19 vaccine was 66% effective in preventing moderate to severe virus disease and appeared safe, clearing the way for commercial approval. J&J's shot would be the third cleared for use in the U.S., following Pfizer and BioNTech's vaccine and one developed by Moderna. Another shot developed by Novavax is thought to be close to approval, increasing chances that vaccination rates will rise rapidly in the U.S. in the coming months.
Clinical-trial operator Icon said it would acquire rival PRA Health Sciences for $12 billion, creating a major provider of services to pharmaceutical companies that are farming out more work to contractors.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-24-21 1711ET
