On Oct. 6, The Wall Street Journal reported that activist investor group Starboard Value owns a stake in Pfizer ( PFE -2.82%) that's worth approximately $1 billion. Now, Starboard will aim to work with the company's management as well as consult with former executives -- all with the aim of turning around Pfizer's sagging fortunes.

Activist investor Starboard Value claims the pharma giant’s former CEO and CFO were “threatened” into backing current CEO Albert Bourla.

Citing people familiar with the matter, The Journal reported that Starboard approached former Pfizer CEO Ian Read and CFO Frank D’Amelio to assist in its plans.

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 shed nearly $180 billion in market cap after struggling to chart a new course as the COVID-19 pandemic waned.

Starboard has approached two former Pfizer executives, Ian Read and Frank D’Amelio, to assist in its efforts, and they have expressed interest in helping, The Wall Street Journal reported Sunday, citing people familiar with the matter.

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 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

Key Takeaways Pfizer shares have gained ground since a report over the weekend said that activist investor Starboard Value has taken a roughly $1 billion stake in the drug maker and is pushing for changes.

Shares of Pfizer PFE rose 2.17% on Oct. 7 after a report from The Wall Street Journal stated that activist investor Starboard Value has taken a roughly $1 billion stake in the company. Investors cheered the news on hopes of a plausible turnaround with this investment.