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Health-care shares declined less than the broader market as investors shifted out of artificial-intelligence bets and toward defensive sectors. The sector’s relative resilience came alongside corporate developments at Merck KGaA and Pfizer, including a new funding agreement tied to weight-loss drugs.
German drugmaker Merck KGaA lifted its 2026 sales projection for the third time this year, after reporting top-line growth across all three of its businesses.
Blackstone’s Life Sciences unit agreed to pay Pfizer up to $1.5 billion to help develop a GLP-1 receptor. The agreement supports Pfizer’s effort to enter the fast-growing weight-loss drug category.
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