09:10 AM EDT, 07/08/2024 (MT Newswires) -- Health care stocks were edging higher premarket Monday as the Health Care Select Sector SPDR Fund ( XLV ) was advancing 0.1% and the iShares Biotechnology ETF ( IBB ) was up 0.6% recently.

Morphic Holding ( MORF ) rallied past 75% after Eli Lilly ( LLY ) signed a definitive deal to acquire the company for $57 in cash per Morphic ( MORF ) common share, or a total of about $3.2 billion, payable at closing.

Ideaya Biosciences ( IDYA ) was up nearly 17% after saying it received positive clinical data in a phase 2 clinical trial of IDE397 in methylthioadenosine phosphorylase-deletion urothelial and non-small cell lung cancer patients.

Amarin ( AMRN ) advanced by over 4% after saying China's National Medical Products Administration has granted an approval to its commercial partner EddingPharm for the heart drug Vascepa.