Starboard reportedly builds $1bn stake in Pfizer

(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