Starboard’s stake comes amid a time of struggle at the drugmaker, which has begun to cut costs aggressively as demand for its Covid-19 medicines recedes.

Activist investor Starboard Value seeks to turn around Pfizer with $1 billion stake, former executives involved.

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

Starboard Value has taken a stake in Pfizer, people familiar with the matter said.The drug giant's stock price has dropped significantly since its COVID-19 vaccine rollout.Starboard's stake in Pfizer is reportedly worth about $1 billion.

Starboard has approached two former Pfizer executives, Ian Read and Frank D’Amelio, to assist in its efforts, and they have expressed interest in helping, The Wall Street Journal reported Sunday, citing people familiar with the matter.

Activist investor Starboard Value has built a $1bn position in Pfizer, according to two people familiar with the matter, as the drugmaker behind the top-selling Covid-19 jab struggles to reverse a fall in its share price to below pre-pandemic levels.

Activist investor Starboard Value has taken a stake of about $1 billion in Pfizer Inc. and is seeking to spur a turnaround of the struggling pharmaceuticals giant, according to a person familiar with the matter.

Activist investor Starboard Value has acquired a $1 billion stake in Pfizer, urging the company to improve its performance. Starboard has reached out to former execs for assistance, while Pfizer faces challenges with falling COVID-19 sales and competition for its drugs.