Healthcare companies fell amid fears about a potential U.S. budget crisis.
In corporate news, Illumina shareholders voted to elect one of activist investor Carl Icahn's three nominees to the company's board of directors, giving him a partial victory in a bruising proxy battle he launched over the biotechnology company's handling of a risky acquisition.
Meanwhile, Medtronic said it agreed to acquire EOFlow, a maker of wearable insulin patches, for about $738 million. The purchase of the South Korean company will expand Medtronic's diabetes treatment product line, the Dublin-based medical devices maker said.
Medtronic also reported earnings that beat quarterly expectations but issued a light forecast.
GenesisCare, a provider of cancer care services backed by KKR, is preparing to file for bankruptcy within days, The Wall Street Journal reported citing people familiar with the matter. The Australia-based company, which also operates in the U.S. and Europe, is in talks for roughly $200 million in fresh bankruptcy financing, the people said.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
05-25-23 1707ET
