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,

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

Starboard has approached two former Pfizer executives, Ian Read and Frank D’Amelio, to assist in its efforts, and they have expressed interest in helping, The Wall Street Journal reported Sunday, citing people familiar with the matter.

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.

KEY TAKEAWAYS Starboard Value reportedly has taken a roughly $1 billion stake in Pfizer, as the activist investor seeks to turn the struggling drugmaker around. According to The Wall Street Journal, Starboard has approached Ian Read,