The U.S. Food and Drug Administration (FDA) announced the appointment of Richard Pazdur, its top cancer drug reviewer, as Director of the Center for Drug Evaluation and Research, driving global pharmaceutical stocks to historic highs. With 26 years of FDA experience, Pazdur previously served as the founding director of the agency’s Oncology Center of Excellence. He will replace George Tidmarsh, who resigned this month amid an investigation into inappropriate comments about a key drug from Oriana Therapeutics. The FDA stated Pazdur will continue as acting head of the Oncology Center until a permanent successor is named.

This leadership change has significantly boosted investor confidence in the pharmaceutical and biotech sectors. The VanEck Vectors Pharmaceutical ETF, tracking 25 global drugmakers, rose for three consecutive days to a record high. Leading gainers included Novo Nordisk (NVO.US), Bristol-Myers Squibb (BMY.US), Teva Pharmaceutical (TEVA.US), AbbVie (ABBV.US), Eli Lilly (LLY.US), Gilead Sciences (GILD.US), Sanofi (SNY.US), and Amgen (AMGN.US). The SPDR S&P Biotech ETF also climbed for three straight days, reaching its highest level since January 2022, with standout performances from Regeneron (REGN.US), BioNTech (BNTX.US), Alnylam Pharmaceuticals (ALNY.US), and Biogen (BIIB.US).

However, over the past 12 months, both the SPDR S&P Biotech ETF and the VanEck Vectors Pharmaceutical ETF have underperformed the S&P 500. Analysts widely praised the appointment. Raymond James analyst Chris Meekins noted Pazdur is "likely the best choice for both patients and the industry," adding that the move may signal a major regulatory shift under FDA Commissioner Robert Califf and HHS Deputy Secretary Andrea Palm.

Medical news outlet Stat News welcomed Pazdur’s appointment, calling it "great news for patients, drugmakers, and anyone concerned about the FDA’s scientific rigor." Veteran writer Matthew Herper emphasized, "This is long-overdue good news for an FDA in turmoil."