Health-care companies rose as traders bet that medicine was close to major breakthroughs on one debilitating disease.

Shares of Eli Lilly surged after the drugmaker said it planned to seek approval for its Alzheimer's drug later this year, a sign that regulators are accelerating the prospects of treatments for the disease after a recent approval.

Lilly's plans follow the approval of Aduhelm, a Biogen treatment for Alzheimer's, earlier this month.

Quidel, a maker of diagnostic products, said Lyme's disease is on the rise in many parts of the U.S., including in some areas where the tick-borne disease was previously largely unknown.

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

(END) Dow Jones Newswires

06-24-21 1732ET