American drug companies, led by Moderna and Novavax, suffered significant stock market losses on Monday after the top vaccine official of the US Food and Drug Administration (FDA) announced his resignation.
Peter Marks, the FDA’s top vaccine official, stated that he would step down by the end of the week due to disagreements with Health and Human Services Secretary Robert F. Kennedy Jr. Marks, who played a key role in the development of COVID-19 vaccines, also supported the advancement of gene therapies and treatments for rare diseases.
Kennedy’s proposed changes to federal health agencies could lead to the firing of thousands of employees.
Marks’ resignation marks the most high-profile exit at the FDA during the Trump administration’s efforts to overhaul federal health agencies, putting additional pressure on biotechnology and pharmaceutical companies.
Moderna’s shares dropped 8.9 percent, closing at USD 28.35. Other vaccine companies, including Novavax and BioNTech, saw losses of 8.4 percent and 4.1 percent, respectively.
