Health Care Shares Dip As Legislative Dance Drags On - Health Care Roundup

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Shares of health-care companies declined as the negotiations over the repeal and replacement of the Affordable Care Act dragged on. President Donald Trump and party leaders in Congress were hoping the Senate would vote this week on a plan to overturn parts of the 2010 Affordable Care Act and make other changes to the health system. But Senate leaders announced a delay after Sen. John McCain said he would recover in Arizona from surgery removing a blood clot above his left eye, leaving supporters short of the votes needed to move ahead with the bill, The Wall Street Journal reported. Shares of specialty drug maker Valeant Pharmaceuticals, which is scrambling to get back on a strong footing after scandals about its accounting, rose after plans emerged to sell its skin-care unit Obagi Medical Products to an investment fund for $190 million in cash.

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-Rob Curran, rob.curran@dowjones.com

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July 17, 2017 16:35 ET (20:35 GMT)