Guggenheim's Longstanding Pfizer Ties Tested Amid Starboard Battle

A high-stakes power struggle has erupted between Pfizer Inc (NYSE:PFE) and activist investor Starboard Value, with Wall Street’s dealmaker, Alan Schwartz, and his firm, Guggenheim Partners, caught in the crossfire.

The activist investor had built a $1 billion stake in the U.S. drug maker. The tension peaked when Pfizer’s former CEO Ian Read and former CFO Frank D’Amelio, who initially supported Starboard’s campaign against Pfizer’s current CEO Albert Bourla, unexpectedly reversed their stance.

Read and D’Amelio issued a statement expressing full support for Bourla and the board, though this sudden shift in allegiance left insiders puzzled.

Even more surprising was that the statement was released through Guggenheim, a ...