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 has acquired a significant stake in Pfizer, valued at around $1 billion, as it aims to drive a strategic overhaul at the struggling pharmaceutical giant. The move comes as Pfizer faces mounting challenges,

The drugmaker has shed nearly $180 billion in market cap after struggling to chart a new course as the COVID-19 pandemic waned.

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 the rollout of its COVID-19 vaccine.Starboard's stake in Pfizer is reportedly worth about $1 billion.

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 $1 billion stake in beleaguered drugmaker Pfizer Inc. and is seeking a turnaround, the Wall Street Journal reported late Sunday.