01:34 PM EST, 12/18/2024 (MT Newswires) -- Health care stocks were advancing Wednesday afternoon, with the NYSE Health Care Index rising 0.3% and the Health Care Select Sector SPDR Fund (XLV) up 0.2%.

The iShares Biotechnology ETF (IBB) shed 0.7%.

In corporate news, Merck ( MRK ) secured exclusive rights to develop and sell an oral weight loss drug under a license deal with Hansoh Pharma that could fetch the Chinese biopharmaceutical company up to $2 billion. Merck ( MRK ) shares were down 0.3%.