Activist Starboard Value has $1 billion Pfizer stake, taps former executives for help, sources say
Publishing timestamp: 2024-10-07 00:52:48
Summary
Starboard Value has acquired a $1 billion stake in Pfizer and is seeking to make changes at the struggling pharmaceutical company. The activist fund is looking to tap former Pfizer executives to help with the turnaround, as Pfizer's stock has not performed well despite strong revenue and free cash flow during the Covid-19 pandemic. Pfizer's expensive acquisition strategy and recent deals have raised concerns among analysts.
Sentiment: MIXED
Tickers: PFE,
Keywords: business, health care industry, breaking news, mergers and acquisitions, breaking news: business, pharmaceuticals, business news, pfizer inc, activism,