Investing.com - Biotechnology companies were among the hardest hit midday, as the sector was rocked by news of U.S. Food and Drug Administration Commissioner Dr. Scott Gottlieb leaving the agency.
Gottlieb said in a letter addressed to the agency that he is leaving to be with family.
"It's is hard for me to write this note to share with you the news that I'll be leaving my job as the Commissioner of Food and Drugs in the next month. There's perhaps nothing that could pull me away from this role other than the challenge of being apart from my family for these past two years and missing my wife and three young children," he said.
The news, announced on Tuesday, dragged on sector as the future of drug approvals becomes uncertain.
Biogen (NASDAQ:BIIB) fell 1.37%, while Amgen (NASDAQ:AMGN) slipped 2.6% and Nektar Therapeutics (NASDAQ:NKTR) slumped 4.14%.
Overall, the Nasdaq Biotechnology index fell 2.3% and the S&P 500 health care sector was down 1%.