“Pharma stocks tumbled today after Peter Marks, M.D., Ph.D., director of the U.S. Food and Drug Administration (FDA), the agency responsible for authorizing vaccines, resigned under pressure from his new boss, Health and Human Services (HHS) Secretary Robert F. Kennedy Jr.
“If Peter Marks does not want to get behind restoring science to its golden standard and promoting radical transparency, then he has no place at FDA under the strong leadership of Secretary Kennedy,” an HHS official said in a statement.
Shares of Moderna, BioNTech, Novavax and Pfizer declined 11%, 7%, 6% and 2%, respectively, on the news, Fast Company reported. STAT News reported that Marks’ departure “is a worst-case scenario realized” for investors and “a biopharma industry that saw him as an ally.”
“Given Dr. Marks’ influence on the development of biologics and uncertainty as to who will replace him and how his legacy might continue, his departure will create a significant near-term overhang,” William Blair analyst Matt Phipps told Reuters.
The Biotechnology Innovation Organization, an industry lobbying group, said it was “deeply concerned” Marks’ resignation would “broadly impact the development of new, transformative therapies to fight diseases for the American people.””