03:57 PM EDT, 05/14/2025 (MT Newswires) -- Health care stocks declined late Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each retreating about 2%.

The iShares Biotechnology ETF (IBB) fell 2%.

In corporate news, Grail (GRAL) tumbled 22% after it reported late Tuesday Q1 revenue that was below market estimates.

Sanofi ( SNY ) shares were down 1.1% after it said Wednesday it plans to invest at least $20 billion in the US through 2030.

GSK (GSK) agreed to acquire Boston Pharmaceuticals' steatotic liver disease therapeutic candidate for up to $2 billion in cash to expand its hepatology portfolio. GSK shares eased 0.2%.

Novo Nordisk ( NVO ) and Septerna ( SEPN ) said they will collaborate on a project to develop and commercialize oral small molecule medicines for obesity, type 2 diabetes and other cardiometabolic diseases. Novo shares were down 1.6%, while Septerna ( SEPN ) surged 44%.

Incannex Healthcare ( IXHL ) said it completed dosing in the phase 2 portion of a phase 2/3 trial of IHL-42X in obstructive sleep apnea. Its shares rallied 775%.