With Activist Investment Rising, Pfizer’s Battle With Starboard Reflects the Industry’s Post-Pandemic Tumble
October 22, 2024
By: Michael Gibney
“What does this rise in activist investor activity mean for pharma? With campaigns accelerating in 2023 across multiple industries and again in the first half of this year, leadership has been more susceptible to outside change while activist investors get bolder, said Steve Segal, a shareholder (partner) at law firm Buchalter.”
“Activist investors are more active … both because they’ve seen results and because there is greater acceptance of activist investing as part of a larger portfolio,” said Segal, who once represented an activist investor that was engaged in proxy battles at Lockheed Martin led by the billionaire Harold Simmons in the early 1990s and that ultimately did not succeed. “You’ve seen the acceptance of the activist investor as an investment strategy, and there are hedge funds with that as their mission.”
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