01:52 PM EDT, 03/24/2026 (MT Newswires) -- Health care stocks declined Tuesday afternoon, with the NYSE Health Care Index fractionally lower and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.3%.

The iShares Biotechnology ETF (IBB) dropped 1%.

In corporate news, ImmunityBio ( IBRX ) shares dropped 23% after the US Food and Drug Administration issued a warning letter citing "misleading" promotional materials for its bladder cancer drug Anktiva.

Gilead Sciences ( GILD ) has agreed to acquire autoimmune disease therapy developer Ouro Medicines for up to $2.18 billion, while the biopharmaceutical firm is in collaboration talks with Galapagos (GLPG) on the assets from the proposed deal. Gilead shares were down 0.3%, and Galapagos fell 4.4%.

Karyopharm Therapeutics ( KPTI ) shares slumped 16% after the company said it agreed with RA Capital Management to raise about $30 million via a private placement, with potential additional proceeds of $44 million if accompanying warrants are exercised.