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Economy

Activist investor Starboard Value takes $1bn stake in Pfizer

Date: Oct 7, 2024

Activist investor Starboard Value has taken a stake of about $1 billion in Pfizer and wants the United States (US) drug giant to make changes to turn its performance around, sources familiar with the matter said on Sunday.

Starboard has also approached Ian Read, a former Pfizer Chief Executive Officer (CEO), and Frank D'Amelio, who served as Chief Financial Officer until 2021, and both have expressed interest in helping the activist investor, the sources said.

Read served as CEO until Albert Bourla took the position in 2019. Bourla was instrumental in working with BioNTech to develop a COVID-19 vaccine.

Pfizer declined to comment and Starboard did not immediately respond to a Reuters request for comment.

Shares of the drugmaker rose 2.2% to $29.20 in premarket trading on Monday. They have fallen over 13% in the past year and trade at around half their pandemic-era highs as sales of its COVID products shrink.

--Reuters--