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

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,

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 has reached out to former Pfizer CEO Ian Read and ex-finance chief Frank D'Amelio, and both have expressed interest in supporting the activist investor's turnaround efforts, reports said.

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

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.