Murder suspect Luigi Mangione was indicted Tuesday on upgraded murder charges in the death of UnitedHealthcare CEO Brian Thompson and will no longer fight extradition from Pennsylvania to New York.

What Happened: Thompson, who was the CEO of UnitedHealth Group ( UNH ) ’s insurance unit UnitedHealthcare, was gunned down Dec. 4 outside a Manhattan building.

As the suspect in the case, Mangione faces an upgraded charge of first-degree murder along with two counts of murder in the second degree, which includes a charge of murder in the second degree as an act of terrorism, Manhattan District Attorney Alvin Bragg announced Tuesday.

"Our work will never be able to undo the fact that a life was lost," Bragg said.

The upgraded first-degree murder charge comes in the state of New York, where a special list of elements are needed to charge a person with the crime, including the intention to commit terrorism, murder of a judge, cop or first responder or other special instances.

The charges mean Mangione faces a potential sentence of life in prison without the possibility of parole if he is convicted, as reported by CNN.

The indictment is "for the brazen, targeted and premeditated shooting of Brian Thompson," Bragg said after reading off the charges.

Mangione's 11-count indictment also includes weapons and forgery charges.

The suspect's attorney Karen Friedman Agnifilo told CNN that he will not fight extradition to New York. A hearing is set for Thursday in Pennsylvania to decide on the next steps to return Mangione to New York.

New York City Police Commissioner Jessica Tisch said the indictment moves the case one step closer to getting justice for Thompson and his family. Tisch also provided comment on the growing praise Mangione is receiving as a potential hero, as reported by NBC News.

"This was a senseless act of violence. It was a cold and calculated crime that stole a life and put New Yorkers at risk. We don't celebrate murders, and we don't lionize the killing of anyone," Tisch said.

Read Also: UnitedHealthcare CEO Murder Suspect: Chronic Pain, Unabomber Fascination, Isolation Details Emerge

Why It's Important: The murder case has been closely followed by residents of New York and brought worldwide attention due to the potential motive of Mangione lashing out over the alleged corporate greed of the health insurance industry.

While Mangione and his immediate family were not insured by UnitedHealthcare, the company may have been a target due to its massive size.

Mangione's arrest at a Pennsylvania McDonald's saw a rise in negative reviews for the location, accusing the restaurant employees and patrons of being snitches.

Public sympathy for Mangione can be found on social media. A recent Joe Rogan podcast episode saw the host say the health insurance sector is a "dirty business."

Rogan suggested UnitedHealthcare's alleged high claim denial rate may have been a reason why the public was not showing sympathy for Thompson.

“It’s a dirty, dirty business. The business of insurance is f***ing gross. It’s gross. Especially health care insurance,” Rogan said.

A manifesto document found on Mangione reportedly contained comments about health insurance companies focusing on profits and greed over public health.

Mangione reportedly suffered from chronic back pain, which kept him from activities like surfing and intimate relationships.

Members of Congress are targeting the health insurance sector and companies like UnitedHealth Group ( UNH ) could be forced to divest portions of their business if a new bill is passed.

UNH Price Action: UnitedHealth ( UNH ) stock was down 3% to $485.52 Tuesday versus a 52-week trading range of $436.38 to $630.73. The stock is down 10% year-to-date with shares down 18% over the last month.

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