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Sector Update: Health Care Stocks Lean Lower Premarket Monday

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-- Health care stocks were leaning lower premarket Monday, with the State Street Health Care Select Sector SPDR ETF (XLV) declining by 0.4% and the iShares Biotechnology ETF (IBB) down 0.5%.

Biogen (BIIB) has agreed to acquire TJ Biopharma's rights to the felzartamab antibody in the Greater China Region under a definitive agreement, the companies said. Biogen shares were up more than 1% pre-bell.

AstraZeneca (AZN) said its pivotal phase 3 study of tozorakimab demonstrated a "significant" reduction in the annual rate of moderate-to-severe chronic obstructive pulmonary disease, or COPD, exacerbations in trial participants. Shares of AstraZeneca were down more than 1% premarket.

ANI Pharmaceuticals (ANIP) stock was up more than 1% after the company said it has received US Food and Drug Administration approval and launched Pimozide Tablets in 1 mg and 2 mg doses, the generic version of Orap, with 180-day Competitive Generic Therapy exclusivity.

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Japanese Stocks Open Muted Ahead of Rate Decisions, Tech Earnings as US-Iran Talk Progress Stalls

Japanese stocks showed little movement at open ahead of the Bank of Japan's rate decision later Tuesday, as investors turned their focus to tech earnings later this week amid a lack of geopolitical progress.The Nikkei 225 opened in negative territory, slipping marginally at 60,531.78.This week, central banks. including the U.S. Federal Reserve, the European Central Bank, and those in Japan, the UK, and Canada, are all scheduled to set rates, collectively influencing monetary policy for roughly half of the global economy.With no significant breakthroughs on the geopolitical front, investors have shifted their attention to earnings reports from a group of tech giants, including Alphabet, Microsoft, Amazon, and Meta, all due on Wednesday, followed by Apple on Thursday.Meanwhile, the White House stated that U.S. officials are discussing Iran's latest proposal but continue to maintain red lines regarding any potential deal to end the eight-week conflict.

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European Lithium Signs Agreement to Combine With Nasdaq-Listed Critical Metals; Shares Up 57%

European Lithium (ASX:EUR) signed an agreement to combine with Nasdaq-listed Critical Metals through the acquisition of all of the company's issued securities via a scheme of arrangement for scrip consideration, according to a Tuesday filing with the Australian bourse.The company's shares will be acquired through a scheme of arrangement at an exchange ratio of 0.035 Critical Metals shares for each European Lithium share, with each shareholder receiving Critical Metals scrip at an implied value of AU$0.58 per European Lithium share held, if the proposal is implemented, the filing said.The proposal also outlines that all listed European Lithium options will be acquired through an option scheme of arrangement, per the filing.European Lithium shares rose 57% in morning trade on Tuesday.

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Asia

Market Chatter: Japan to Issue Additional Guidance on Takeover Rules

The Japanese government plans to issue new takeover guidance, letting target companies weigh economic security and input from employees and partners, not just the bid price, when assessing offers, Nikkei Asia reported Tuesday.The Ministry of Economy, Trade and Industry (METI) will add a practical Q&A section to its 2023 guidelines as early as July, emphasizing that a high purchase price alone does not necessarily make a deal desirable, the news daily said.Under the new guidance, corporate value includes worker and partner contributions, plus economic security benefits like resilient supply chains and tech leak protection, the publication said.METI aims to correct the misconception that boards must accept the highest offer or risk litigation, clarifying that rejection or remaining independent is acceptable, the report said.While the 2023 guidelines warned against overemphasizing hard-to-measure value, the new Q&A stresses that opposition from employees or partners, or concerns over an acquirer's tech leaks, can legitimately hurt corporate value, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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