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Activist investor Starboard has just informed Pfizer it has taken a significant stake

Alex MorrellOct 7, 2024, 07:57 IST

Business Insider

The Pfizer facility in Pleasant Prairie, Wisconsin.Kamil Krzaczynski/AFP via Getty Images

Starboard Value has taken a significant stake in Pfizer, said people familiar with the matter.
The drug giant's stock has dropped significantly since its 2021 COVID-19 vaccine rollout.

Starboard Value has its next target: pharma giant Pfizer.

The activist investor has informed Pfizer that it has taken a significant stake in the drugmaker, people familiar with the matter told Business Insider.

Pfizer stock has fallen sharply since it reached record highs in 2021 during the rollout of its COVID-19 vaccine.

The Wall Street Journal earlier reported the Starboard stake.

Starboard, which managed $8.5 billion in assets at the start of the year, has recently taken stakes in coffee chain Starbucks and Match Group, the owner of dating app Tinder. It also has a stake in Rupert Murdoch's News Corp and has pushed for a breakup of the media conglomerate.