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A pack of Marlboro cigarettes, left, manufactured by Philip Morris International Inc., a unit of Altria Inc., sits beside packs of Camel cigarettes, manufactured by Reynolds American Inc.
Altria investors don’t seem to like the prospects for the cigarette maker under the new acting FDA commissioner.
was named interim head of the agency.
Shared of Philip Morris International also fell 0.7 percent, while British American Tobacco‘s U.S.-listed shares dipped 0.2 percent.
Sharpless’ naming comes after Scott Gottlieb resigned last week from his post as FDA commissioner. Gottlieb called the use of e-cigarettes an “epidemic.” He also threatened to pull all e-cigarette products if things did not improve.
Gottlieb’s resignation was initially seen as a positive for the tobacco industry, especially for e-cigarette makers like Juul. However, his departure opened the possibility for someone tougher on the industry to take the reigns.
This is a developing story. Check back for updates.
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