03:39 PM EDT, 07/11/2025 (MT Newswires) -- Health care stocks were sliding late Friday afternoon, with the NYSE Health Care Index dropping 1.1% and the Health Care Select Sector SPDR Fund (XLV) falling 1%.

The iShares Biotechnology ETF (IBB) dropped 1.1%.

In sector news, the US Food and Drug Administration may fast-track new drugs from pharmaceutical companies that "equalize" the prices of their medicines between the US and other countries, Commissioner Marty Makary said in an interview on Bloomberg Television.

In corporate news, Novartis ( NVS ) has lost a lawsuit that accused MSN Pharmaceuticals of infringing on its patent for chronic heart failure treatment drug Entresto, according to a federal court decision in Delaware published Friday. Novartis ( NVS ) shares fell 2%.

Gilead Sciences ( GILD ) shares dropped 3.7% after HSBC reduced its price target on the stock to $91 from $93.

Walgreens Boots Alliance ( WBA ) said its shareholders approved the acquisition of the company by entities affiliated with Sycamore Partners Management. Walgreens shares were shedding 0.4%.

Capricor Therapeutics ( CAPR ) shares tumbled 33% after it said the US Food and Drug Administration has required additional clinical data on deramiocel, a cell therapy candidate for cardiomyopathy in Duchenne muscular dystrophy patients.