03:59 PM EDT, 04/05/2024 (MT Newswires) -- Health care stocks were higher late Friday afternoon with the NYSE Health Care Index adding 0.8% and the Health Care Select Sector SPDR Fund (XLV) up 1%.

The iShares Biotechnology ETF (IBB) increased 0.8%.

In corporate news, Contineum Therapeutics' (CTNM) shares decreased 3% after the company debuted on the Nasdaq after pricing its initial public offering of about 6.9 million class A shares at $16 per share.

Johnson & Johnson ( JNJ ) agreed to buy Shockwave Medical ( SWAV ) in an all-cash deal with an enterprise value of about $13.1 billion as the pharmaceutical giant seeks to strengthen its MedTech cardiovascular portfolio. Shockwave shares gained 2%, and Johnson & Johnson ( JNJ ) was little changed.

Ocugen ( OCGN ) shares surged 20% after the company said the Data and Safety Monitoring Board for the phase 1/2 trial of OCU410 to treat eye disease geographic atrophy approved proceeding with a medium dose in the dose-escalation stage of the study.

Dr. Reddy's Laboratories (RDY) and Bayer said Friday that they have entered into a collaboration to market and distribute a second brand of Vericiguat in India. Dr. Reddy's shares rose 1%.