Starboard reportedly builds $1bn stake in Pfizer
By Frank Prenesti
Date: Monday 07 Oct 2024
(Sharecast News) - Activist investor Starboard Value has reportedly built a stake in pharmaceutical giant Pfizer worth around a $1bn and is seeking to mount a turnaround at the struggling company, according to people familiar with the matter.
Several media outlets, citing unnamed sources, said Starboard was looking to implement a turnaround plan at the troubled drug maker after a falling share price amid weak post-Covid pandemic growth.
Former Pfizer chief executive Ian Read and ex-finance chief Frank D'Amelio, both of whom have expressed interest in supporting Starboard's turnaround, had been approached, the reports stated.
Pfizer spent $43bn on cancer drugmaker Seagen and last week pulled the lead sickle cell drug purchased as part of its $5.4bn buyout of biotech Global Blood Therapeutics, citing safety concerns.
Reporting by Frank Prenesti for Sharecast.com
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