Shares of Pfizer (PFE) are rising in premarket trading Monday following a report that activist investor Starboard Value has taken a roughly $1 billion stake in the struggling drugmaker.

According to The Wall Street Journal, Starboard has approached Ian Read, a former Pfizer chief executive, and ex-finance chief Frank D’Amelio to aid its plans to improve the company's performance.

The hedge fund sees Pfizer under current 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Albert Bourla—who took over from Read in 2019—as lacking the M&A discipline of his predecessor, the report said. Pfizer has spent billions of dollars on buying companies involved in producing cancer drugs, including biotech Seagen for 澳洲幸运5官方开奖结果体彩网:$43 billion last year, since Bourla took over.

Pfizer Stock Li🦹ttle Changed in 2024 While S&amꦰp;P 500 Jumps 21%

Pfizer's shares have almost halved since their pandemic peak in 2021 as demand for its COVID-19 vaccines slumped. They are little changed this year, versus a 21% jump in the S&P 500.

Pfizer's shares are rising about 3% on the report but 澳洲幸运5官方开奖结果体彩网:were hit recently after it recalled all lots of its sickle cell disease medicine worldwide because of concerns the drug could lead to severe pain and pos💟sibly death in patients. 

Pfizer and Starboard didn't immediately return Investopedia requests for comment.