Shares of healthcare companies slipped as investors digested earnings and deal news.
Amgen agreed to pay $3.7 billion in cash to acquire ChemoCentryx, a biotech company with a recently approved drug to treat a rare immune-system disease. Amgen said it would pay $52 a share for ChemoCentryx, more than twice the company's share price at the close of trading on Wednesday.
Meanwhile, Eli Lilly posted a 4% decline in second-quarter revenue, driven by a drop in sales of the company's Covid-19 antibody treatment. The pharmaceutical company also cut its profit outlook for the year as the stronger U.S. dollar impacts results.
Bayer lifted its guidance for the full year after a sales beat in the second quarter and a boost from positive currency effects, though it posted a net loss for the quarter and said it took on some impairments and litigation-related charges.
U.S. health officials declared monkeypox a public-health emergency, as cases continue to mount across the country. The move was aimed at speeding up distribution of monkeypox vaccine.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
08-04-22 1707ET
