(Bloomberg) -- Biotechnology stocks sank in late afternoon trading after the Washington Post reported that Food and Drug Administrator Scott Gottlieb is resigning.

The Nasdaq Biotechnology Index, a closely watched gauge of investor sentiment, reversed an intraday rally to fall as much as 0.6 percent. Drugmakers including Incyte Corp., Regeneron Pharmaceuticals Inc., Nektar Therapeutics, Mylan NV and Alexion Pharmaceuticals Inc. were among names that saw the biggest declines.

Gottlieb was among those pushing for faster approvals of copycat drugs and touted a brisk pace of generic approvals among options to lower drug prices. He also led a movement toward quicker approvals in biotechnology’s fastest-growing fields like gene therapies.

He has also championed a movement against youth vaping and teenage tobacco use. Shares of tobacco stocks including Altria Group Inc., Philip Morris International Inc., and British American Tobacco Plc briefly spiked to session highs after the Post report.

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