01:49 PM EDT, 08/25/2025 (MT Newswires) -- Health care stocks declined Monday afternoon, with the NYSE Health Care Index down 1.1% and the Health Care Select Sector SPDR Fund (XLV) declining 1.2%.

The iShares Biotechnology ETF (IBB) retreated 1.5%.

In corporate news, AbbVie ( ABBV ) has agreed to buy Gilgamesh Pharmaceuticals' bretisilocin for up to $1.2 billion, including an upfront payment and development milestones, the companies said Monday. AbbVie ( ABBV ) shares were shedding 1.2%.

Axogen ( AXGN ) shares fell past 12% after the company said the US Food and Drug Administration has extended the review deadline for its marketing application for Avance Nerve Graft by three months.

Quipt Home Medical ( QIPT ) shareholder Forager Capital Management said Monday it has submitted a proposal to acquire all outstanding shares of the medical equipment provider for $3.1 per share in cash. Quipt shares jumped 23%.