Updated from 1:49 p.m. EST

Shares of drug company

Eli Lilly

(LLY) - Get Report

, which announced it had named Big Mac maker

McDonald

's

(MCD) - Get Report

Chief Operating Officer Ralph Alvarez to its board, were falling 0.5% to $34.40.

"Ralph truly understands and appreciates the value of building a successful, global customer-focused enterprise," said Lilly CEO John Lechleiter in a press release Wednesday. "His experience and insights will surely benefit Lilly shareholders as we continue to transform our company and deliver on our mission to provide improved outcomes for individual patients."

GlaxoSmithKline

(GSK) - Get Report

shares rose 0.8% to $33.68 a day after an announcement that it had paid

Synta Pharmaceuticals

(SNTA)

$10 million for an operational milestone of cancer drug elesclomol.

Meanwhile, shares of

Pfizer

(PFE) - Get Report

fell 0.6% to $14.16 after a Wisconsin jury ruled late Monday that a company it had acquired had violated the state's Medicaid laws for years.

Bristol-Myers Squibb

(BMY) - Get Report

was falling 1.6% to $20.92, and

Merck

(MRK) - Get Report

was hovering near the flat line at $28.64.