Moderna (MRNA-7.54%) and other vaccine maker stocks plummeted during pre-market trading on Monday amid news from this weekend that the Food and Drug Administration’s (FDA) top vaccine regulator was forced out of the agency.
Moderna, known for its mRNA Covid-19 vaccine, dropped 13%, while Novavax (NVAX-7.93%) and BioNTech (BNTX-4.46%) both fell more than 9%. Pfizer (PFE+0.34%) declined nearly 2%.
The stock moves come as Peter Marks, director of the FDA’s Center for Biologics Evaluation and Research, submitted his resignation letter Friday. In that role, which he had held since 2016, he oversaw the approval of vaccines and other biologic drugs, including gene therapies.
The Wall Street Journal first reported, citing unnamed sources, that Marks resigned after an official at the Department of Health and Human Services (HHS) told him he could either quit or be fired. HHS and the FDA did not immediately respond to a request for comment from Quartz.
In his resignation letter, Marks cited fundamental disagreements with HHS Secretary Robert F. Kennedy Jr., a longtime critic of vaccines.
“As you are aware, I was willing to work to address the Secretary’s concerns regarding vaccine safety and transparency,” Marks wrote. “However, it has become clear that truth and transparency are not desired by the Secretary, but rather he wishes subservient confirmation of his misinformation and lies.”
Marks’ resignation takes effect April 5, according to the letter.
His departure comes amid a broader restructuring at HHS, which includes roughly 3,500 job cuts at the FDA.
This isn’t the first time Kennedy has rattled vaccine stocks. Shares of major vaccine makers also dropped in November after President Donald Trump announced Kennedy as his pick to lead HHS.
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