Prasad’s hiring as head of CBER rattles biotech investors

FDA’s announcement that Vinay Prasad would succeed Peter Marks as director of CBER sent the closely watched XBI biotech ETF sharply lower on Tuesday as investors digested what hiring a fierce critic of some past FDA decisions to a top agency post would mean for industry. 

Prasad’s prior criticism of FDA policy may have investors expecting a higher bar for approvals, or a return historical standards for certain indications and technologies. ...