02:00 PM EDT, 05/28/2024 (MT Newswires) -- Health care stocks were declining in Tuesday afternoon trading, with the NYSE Health Care Index falling 1.1% and the Health Care Select Sector SPDR Fund (XLV) down 1.5%.

The iShares Biotechnology ETF (IBB) dropped 1.6%.

In corporate news, Johnson & Johnson ( JNJ ) agreed to buy Numab Therapeutics' subsidiary Yellow Jersey Therapeutics and global rights to its investigational skin disease treatment in an all-cash deal valued at $1.25 billion. Johnson & Johnson ( JNJ ) shares fell 1.8%.

Novo Nordisk ( NVO ) has told Senate Health Committee Chair Bernie Sanders it only keeps about 60% of the list price of its weight loss and diabetes drugs Ozempic and Wegovy in the US after the rebates and fees paid to middlemen in the country's health care system, Bloomberg reported Tuesday, citing a letter sent to the lawmaker on Friday. Novo shares were shedding 1.6%.

Corcept Therapeutics ( CORT ) shares jumped almost 12.7% after it said Tuesday that the phase 3 trial of its proprietary selective cortisol modulator relacorilant in people with hypercortisolism, also known as Cushing's syndrome, met its primary endpoint of loss of blood pressure control in the second, randomized withdrawal phase.