01:56 PM EDT, 03/27/2024 (MT Newswires) -- Health care stocks were higher Wednesday afternoon, with the NYSE Health Care Index rising 0.7% and the Health Care Select Sector SPDR Fund (XLV) adding 0.8%.

The iShares Biotechnology ETF (IBB) rose 0.8%.

In corporate news, Merck's ( MRK ) shares spiked 4.7% after it received approval from the US Food and Drug Administration for its drug Winrevair to treat adults with pulmonary arterial hypertension.

Moderna ( MRNA ) will receive up to $750 million from Blackstone (BX) Life Sciences to fund its influenza vaccine research program. Moderna ( MRNA ) also announced positive clinical trial data on three experimental vaccines against other viruses and that it's moving those vaccines to final stage studies. Moderna ( MRNA ) shares rose 1.7% and Blackstone was up 1.4%.

89bio (ETNB) said Wednesday its investigational liver disease drug pegozafermin has received the Priority Medicines, or PRIME, status from the European Medicines Agency. Its shares added 2.6%.