Cigarette Stocks Fall As National Cancer Institute Director to Head FDA

It’s no surprise that shares of Altria, the maker of Marlboro cigarettes, saw its shares fall on Tuesday after the Trump Administration revealed who would lead the FDA after commissioner Scott Gottlieb said he intended to resign next month.

The Trump Administration is planning to name National Cancer Institute Director Ned Sharpless as acting head of the Food and Drug Administration.

Health Secretary Alex Azar confirmed the news at a hearing during an appearance at Capitol Hill.

Gottlieb tweeted that he was “delighted” by the administration’s decision to tap Sharpless as acting head of the agency.

“Ned is a friend to FDA, a great public health champion, a dedicated physician, and will be warmly welcomed into his new role,” Gottlieb wrote. “FDA will benefit greatly from his leadership.”

Gottlieb said in an interview with The Washington Post about resigning, “It was a very hard decision.” He called it “the best job I will ever have and said, “I am leaving because I need to spend time with my family. I get home late Friday, work on weekends and come back to Washington on Sunday. I did the job 100%.”

“All of us at the Department of Health and Human Services [HHS] are proud of the remarkable work Commissioner Gottlieb has done at the FDA,” Health and Human Services Secretary Alex Azar commented in a statement.

“He has been an exemplary public health leader, aggressive advocate for American patients, and passionate promoter of innovation. I will personally miss working with Scott on the important goals we share, and I know that is true for so many other members of the HHS family.

Disclaimer: We have no position Altria Group Inc. (NYSE: MO) and have not been compensated for this article.