03:58 PM EST, 02/10/2025 (MT Newswires) -- Health care stocks were lower late Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each easing 0.2%.

The iShares Biotechnology ETF (IBB) fell 1.1%.

In corporate news, Springworks Therapeutics ( SWTX ) is in advanced talks on its potential acquisition by Germany-based Merck KGaA, but key conditions have yet to be met, Merck said Monday. Merck confirmed a Reuters report about the discussions, but the company said they have not reached any legally binding agreement and there can be no certainty regarding the outcome. Springworks shares soared 34%.

Biodexa Pharmaceuticals ( BDRX ) shares jumped 27% after the company said Monday that the US Food and Drug Administration granted fast track designation to eRapa for the potential treatment of familial adenomatous polyposis.

Grace Therapeutics ( GRCE ) surged nearly 10% after it said it entered into securities purchase agreements for a private placement financing of up to $30 million with healthcare-focused investors.

Pliant Therapeutics ( PLRX ) shares fell 60% after the firm paused enrollment and dosing in a phase 2b trial of bexotegrast in idiopathic pulmonary fibrosis patients. Several analysts downgraded the stock following the announcement.