Health Care Sector Update for 12/03/2018: GBT,GSK,TSRO

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Top Health Care Stocks

JNJ -0.78%

PFE -0.40%

ABT +0.20%

MRK -0.66%

AMGN -3.23%

Health care stocks were mixed this afternoon, including a nearly 0.2% decline for the NYSE Health Care Index in recent trade. Shares of health care companies in the S&P 500 were up almost 0.2% as a group, while the Nasdaq Biotechnology index was ahead 1%.

Among health care stocks moving on news:

(+) Global Blood Therapeutics ( GBT ) climbed 51% after the early-stage biopharmaceuticals company said the US Food and Drug Administration has agreed with its request for an accelerated approval pathway for the company’s voxelotor drug candidate for the treatment of sickle cell disease.

In other sector news:

(+) TESARO ( TSRO ) rallied 59% gain after agreeing to a $5.1 billion buyout offer from pharmaceuticals giant GlaxoSmithKline ( GSK ), which is seeking to accelerate its oncology pipeline. At the heart of the deal is Tesaro’s Zejula oral medication, a so-called poly ADP ribose polymerase inhibitor, that’s already approved for use in the US and Europe for patients with recurrent ovarian cancer who’ve responded to platinum-based chemotherapy.

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