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Biotech shares continue to fall on FDA uncertainty

Bertha Coombs

FDA chief Scott Gottlieb on Tuesday unexpectedly announced his resignation from the agency. Under Gottlieb's tenure the FDA approved 59 new drugs last year, and a record 971 generic drugs. 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.