Former Pfizer CEO, CFO say they will not be involved in Starboard’s campaign against drugmaker

(Reuters) -Former Pfizer (NYSE:) CEO Ian Read and ex-CFO Frank D’Amelio said they will not be involved with activist investor Starboard Value, which reportedly wants the U.S. drug giant to make changes to turn its performance around.

“We have decided not to be involved in the efforts of Starboard Value regarding Pfizer,” the executives said in a statement on Wednesday, which was issued by Guggenheim Partners, an advisor to Pfizer.

“We are fully supportive of Pfizer Chairman & CEO Albert Bourla, senior management and the board, and we are confident that over time they will deliver shareholder value.”

Sources had earlier told Reuters that Starboard had approached Read and D’Amelio and that both expressed interest in helping the activist investor after it acquired a stake of about $1 billion in Pfizer.

Pfizer and Starboard did not immediately respond to a Reuters request for comment.

Bourla and Shantanu Narayen, Pfizer’s lead independent director, will hold talks with Starboard CEO Jeff Smith and Patrick Sullivan, who runs its healthcare investments, next week, the Financial Times reported on Tuesday.

Pfizer’s shares have fallen more than 9% in the past year and trade at around half of their pandemic-era highs as sales of its COVID products shrink.

The drugmaker has struggled to find a product that would make up for the lost revenue from its COVID vaccine and pill.

Pfizer has spent about $70 billion since 2020 on acquisitions, including the $43 billion buyout of Seagen last year, while launching cost-saving initiatives.