if risky, expansion into mRNA technology. The second is as a cautious and conservative steward who has failed to unlock the full potential of Pfizer’s pipeline, and who has made questionable calls on capital allocation, including a $6.7bn bid for Arena Pharmaceuticals that was rebuffed earlier this year. One top-10 investor in Pfizer who said they were backing Starboard’s campaign argued that Bourla’s leadership had been “flawed”, pointing to what they saw as a string of missteps, including the failure to capitalise on the mRNA revolution. “They should have bought Moderna when they could,” the investor said. Pfizer passed on buying the biotech company in 2016, when it was worth just $1.6bn. Moderna is now worth more than $140bn. But when it comes to Pfizer, the activist investor might find they have met their match. “Pfizer is an incredibly well-run company, with a deep bench and a great culture,” said one person close to the company. “They are not going to be pushed around.”
