01:54 PM EDT, 05/14/2025 (MT Newswires) -- Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each dropping about 1.9%.

The iShares Biotechnology ETF (IBB) retreated 1.8%.

In corporate news, Sanofi (SNY) said Wednesday it plans to invest at least $20 billion in the US through 2030. Its shares were down 1.4%.

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 1.8%, and Septerna ( SEPN ) surged 41%.

Incyte ( INCY ) shares were flat after the firm said it has agreed to pay $280 million to resolve a royalty payments dispute with Novartis ( NVS ) over net sales of Jakafi in the US. Novartis ( NVS ) shares fell 1.2%.