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.

Activist investor Starboard Value has taken a stake of about $1 billion in Pfizer and wants the U.S. drug giant to make changes to turn its performance around, sources familiar with the matter said on Sunday.

Starboard has reached out to former Pfizer CEO Ian Read and ex-finance chief Frank D'Amelio, and both have expressed interest in supporting the activist investor's turnaround efforts, reports said.