01:40 PM EDT, 09/10/2025 (MT Newswires) -- Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index falling 0.9% and the Health Care Select Sector SPDR Fund (XLV) easing 1.2%.

The iShares Biotechnology ETF (IBB) dropped 1.4%.

In corporate news, Merck ( MRK ) has canceled plans for a 1 billion pound ($1.35 billion) research center in London and will lay off more than 100 scientific staff, citing the UK's uncompetitive environment and low medicine prices, the Financial Times reported. Merck ( MRK ) shares were down 0.5%.

Soleno Therapeutics ( SLNO ) said Wednesday that the US Food and Drug Administration's Adverse Event Reporting System report about a patient death is unrelated to treatment with VYKAT XR, as per the treating physician's assessment. Soleno shares fell nearly 11%.

Actuate Therapeutics ( ACTU ) shares dropped 19% after it said Wednesday it priced an underwritten public offering of about 2.1 million shares at $7 each for gross proceeds of roughly $15 million.