04:06 PM EST, 01/08/2025 (MT Newswires) -- Health care stocks rose late Wednesday afternoon, with the NYSE Health Care Index up 0.6% and the Health Care Select Sector SPDR Fund (XLV) adding 0.5%.

The iShares Biotechnology ETF (IBB) shed 0.5%.

In corporate news, Accolade (ACCD) shares gained nearly 105% after it agreed to be bought and delisted by Transcarent in a $621 million deal.

Silo Pharma ( SILO ) said it received a notice of allowance from the US Patent and Trademark Office for a patent application relating to its SPC-15 intranasal treatment targeting post-traumatic stress disorder. Its shares jumped 55%.

GSK (GSK) is in advanced talks to buy closely-held US biotech company IDRx for up to $1 billion, the Financial Times reported. GSK shares fell 1%.

Catalyst Pharmaceuticals ( CPRX ) and its licensor SERB have reached a settlement agreement with Teva Pharmaceuticals USA and Teva Pharmaceuticals (TEVA) to resolve the Firdapse patent litigation, Catalyst said. Catalyst shares jumped nearly 17%, and Teva was 0.5% lower.