01:50 PM EST, 12/11/2024 (MT Newswires) -- Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index falling 1% and the Health Care Select Sector SPDR Fund (XLV) dropping 1.2%.

The iShares Biotechnology ETF (IBB) eased 0.3%.

In corporate news, Patterson (PDCO) agreed to be acquired and taken private by health care investment firm Patient Square Capital in a deal worth $4.1 billion, including the refinancing of the dental and animal health equipment distributor's receivables facilities. Patterson shares surged 34%.

Bausch + Lomb ( BLCO ) shares tumbled nearly 14% after Citigroup downgraded the company's stock to neutral from buy, and the Financial Times reported that Blackstone (BX) has decided not to proceed with a joint takeover bid for Bausch + Lomb ( BLCO ).

Q32 Bio ( QTTB ) shares plunged 73% after multiple downgrades and price target cuts following results from the company's mid-stage clinical trial of an experimental treatment for atopic dermatitis.