The biotech sector is on pace for its worst weekly decline since December, weighed down in part by uncertainty following this week's surprise announcement from FDA chief Scott Gottlieb that he will be stepping down next month.
The biotech sector is on pace for its worst weekly decline since December, weighed down in part by uncertainty following this week's surprise announcement from Food And Drug Administration Commissioner Scott Gottlieb that he will be stepping down next month.
The widely traded iShares Nasdaq Biotech Index ETF fell by about 1 percent in midday trading Thursday, down about 5 percent over the last three days following Gottlieb's announcement. The large cap, NYSE Arca Biotech Index is down nearly 4 percent since Tuesday. "He seemed to be very sensible in his approach of really pushing for biosimilars… which I think will be critical for the industry to remain viable--costs will be focused on newer drugs, not 20-year old ones,"wrote one respondent.
"I am confident that innovative new gene therapy and cell therapy we've seen get approved, can continue," after Gottlieb leaves, said Yee."The question is whether or not generic approvals could slow down -- whether or not there's an issue there."
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