03:53 PM EST, 12/18/2024 (MT Newswires) -- Health care stocks were lower late Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding about 0.5%.

The iShares Biotechnology ETF (IBB) dropped 3.8%.

In corporate news, Theratechnologies ( THTX ) shares rose 5%. The company said it submitted a prior approval supplement to the US Food and Drug Administration related to changes made to the Egrifta SV manufacturing facility.

Polyrizon ( PLRZ ) shares soared 171%. The company signed a manufacturing agreement with Eurofins CDMO AmatsiAquitaine to supply clinical trial material for the PL-14 allergy blocker study that is expected to begin in 2025.

Merck ( MRK ) secured exclusive rights to develop and sell an oral weight loss drug under a license deal with Hansoh Pharma that could fetch the Chinese biopharmaceutical company up to $2 billion. Merck ( MRK ) shares fell 1%.

Cognition Therapeutics ( CGTX ) shares surged 29% after the firm said that a phase 2 trial of CT1812 to treat patients with Lewy body dementia met its primary endpoint of safety and tolerability.