01:57 PM EDT, 07/08/2024 (MT Newswires) -- Health care stocks were mixed Monday afternoon with the NYSE Health Care Index down 0.1% and the Health Care Select Sector SPDR Fund (XLV) fractionally higher.

The iShares Biotechnology ETF (IBB) rose 1.2%.

In corporate news, Eli Lilly ( LLY ) agreed to buy biopharmaceutical company Morphic ( MORF ) for $3.2 billion, or $57 a share in cash. Eli Lilly ( LLY ) shares rose 0.5%, and Morphic ( MORF ) surged 75%.

Pulse Biosciences ( PLSE ) shares soared 31% after the US Food and Drug Administration granted breakthrough device designation to the company's nsPFA cardiac surgery system.

Silo Pharma ( SILO ) said Monday it has signed an exclusive global licensing deal with Columbia University to further develop, manufacture and commercialize its potential intranasal treatment for stress-induced affective disorders and post-traumatic stress disorder. Silo shares were falling 7.1%.