Activist Starboard Value takes $1bn stake in Pfizer

The company’s covid vaccine and treatment more than doubled its revenue — to $100bn (€89.5bn) in 2022 from $42bn (€37.6bn) in 2020 — but demand for its covid products has since declined dramatically

Pharmaceutical company Pfizer has set its sights on cancer, acquiring a promising stable of cancer drugs in its $43bn (€38.5bn) acquisition of Seagen Inc last year. File Picture: Eamonn Farrell / © RollingNews.ie

Activist investor Starboard Value has taken a stake of about $1bn (€0.9bn) in Pfizer Inc, and is seeking to spur a turnaround of the struggling pharmaceuticals giant, according to a person familiar with the matter.

Starboard has approached former Pfizer executives Ian Read and Frank D’Amelio to aid in its efforts and they have expressed interest in helping, the person who asked not to be identified said.