Health Care Down On Tech Rotation -- Health Care Roundup

07/31/2020 | 04:23pm

Health-care companies fell as investors rotated into technology stocks.

The U.S. government will pay up to $2.1 billion to French drug giant Sanofi and British drugmaker GlaxoSmithKline to fund the development of a coronavirus vaccine and guarantee supply of 100 million doses, if proven safe and effective in clinical trials, the companies said Friday.

The deal follows similar orders for vaccines from Pfizer and its partner BionTech. Another Big Pharma company, Merck, said it expects to start the first human study of one of its experimental coronavirus vaccines by the end of September.

 Write to Rob Curran at rob.curran@dowjones.com 

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