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.

Pfizer CEO Albert Bourla plans to meet key executives of activist hedge fund Starboard Value next week, the Financial Times reported on Tuesday, citing people familiar with the matter.

Pfizer Inc.’s stock gained Monday after a report that activist investor Starboard Value has invested $1 billion in the drug company. Bondholders seem to like the news too.

The drugmaker has cut costs already and has no coming product approvals or research that could offer a quick lift.

KEY TAKEAWAYS Pfizer CEO Albert Bourla reportedly is planning to meet with Starboard Value after the activist investor took a $1 billion stake in the struggling drugmaker.Bourla and at least one other director will hold discussions with Starboard next week,

Starboard has a roughly $1 billion stake in the drugmaker and approached former Pfizer CEO Ian Read and ex-CFO FrankD'Amelio, both of whom expressed interest in supporting the act

Pfizer Inc. (NYSE:PFE) shares rose more than 3% on Wednesday following reports that CEO Albert Bourla is scheduled to meet with executives from activist hedge fund Starboard Value next week. The news reported by the

Story of activist fund Starboard Value taking $1B position in Pfizer is grabbing headlines the last few days. Read why I remain bullish on PFE’s long-term growth.