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Starboard Value Takes $1 Billion Stake in Pfizer, Pushes for Strategic Changes

Oct 7, 2024, 12:36 AM

Activist investor Starboard Value has taken a roughly $1 billion stake in Pfizer, aiming to push the struggling drugmaker to improve its performance. According to sources, Starboard has approached two former Pfizer executives to assist in this effort. The Wall Street Journal reported on Sunday night that Pfizer's shares have been under pressure, particularly after the company overestimated future demand for its pandemic-related products. Pfizer's market cap is approximately $160 billion, making Starboard's stake a small but potentially influential percentage. The company is expected to have a board meeting later this week. Starboard is pushing for strategic changes to enhance Pfizer's performance.