Starboard Value acquires $1 billion stake in Pfizer as shares fall below pre-pandemic levels

Activist investor Starboard Value has acquired a $1 billion stake in Pfizer, as the drugmaker's share price has fallen below pre-pandemic levels. This comes amid concerns about Pfizer's growth after the initial boost from its Covid-19 vaccine. Starboard aims to initiate a turnaround at Pfizer, which has seen its market value drop by 52% from its pandemic peak. The hedge fund has approached former Pfizer executives for support, but specific plans remain unclear. Pfizer's CEO Albert Bourla faces pressure as the company struggles with post-pandemic performance. Pfizer has announced cost-cutting measures and faced scrutiny over its acquisitions, including a recent drug withdrawal due to safety concerns.