Pfizer shares rise as US investor takes $1 billion stake

Shares in Pfizer rose by 3% after activist investor Starboard Value acquired a stake of $1 billion and plans to help the struggling pharmaceutical giant. Despite successful revenue from its Covid vaccine partnership, Pfizer has faced challenges with dwindling sales and failed drug developments, leading to a drop in shares. CEO Bourla’s costly acquisitions have been criticized, with the hope that new cost-cutting measures will help Pfizer recover, though challenges remain in finding a new innovative direction amidst debt and limited catalysts.

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