Pierre Fabre Donates the Majority Equity Interest in his Company to his Foundation
Published: Sep 05, 2008
PARIS, September 5 /PRNewswire/ -- Faithful to the commitment made in 2005 to his employees, Mr. Pierre Fabre asked the Pierre Fabre Foundation's board of directors to accept the donation of 100% of the equity of Pierre Fabre Participation, a holding company with a 60% share in Laboratoires Pierre Fabre.
The aim of this operation is to secure the long-term independence of Pierre Fabre SA, a company founded in 1961 in Castres with a turnover of EUR 1.7 billion in pharmaceuticals, family medical products and dermocosmetics.
At the same time, Mr. Pierre Fabre expressed his intention to transform Pierre Fabre SA into a company under a Supervisory Committee, chaired by him, with Mr. Garnier heading the management board.
Mr. Jean-Pierre Garnier, 60, was CEO of the world's second biggest pharmaceuticals group, GlaxoSmithKline, until last May. An Officer of the Legion of Honour, Mr. Garnier has been a member of the French Healthcare Industries Strategic Council since the organisation was founded.
When announcing this decision, Mr. Pierre Fabre stated: "we are fortunate to have a man with so much experience in the global pharmaceutics arena in the person of Jean-Pierre Garnier, who will enable us to successfully sustain the considerable R&D efforts the company has been making over the past few years and amplify its growth."
About Pierre Fabre SA
Pierre Fabre SA, is a leading independent Pharmaceutical, Dermo-Cosmetic and Health & Beauty Company. Pierre Fabre specializes in the development of medicines (oncology, cardiology, central nervous system, urology and dermatology), dermo-cosmetic and hair care products derived from natural substances. Pierre Fabre currently has nearly 10,000 employees globally and an annual turnover of EUR1.7 billion (about $2.55 billion US). Pierre Fabre dedicates 25 percent of its sales to Research and Development. Pierre Fabre brands include Avene, A-Derma, Ducray, Klorane, Galenic, Elancyl and Rene Furterer. The Company has established several philanthropic foundations devoted to the preservation of plants and their heritage as well as humanitarian efforts.
The Pierre Fabre Foundation is a registered charity founded by order of the prime minister on 8 April 1999. It is chaired by Mr. Pierre Fabre and works to promote good pharmaceutical practice and improve healthcare in developing countries.
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