Castres, 29 August 2008 — 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 €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 Beecham, 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 achieved a turnover of €1.7 billion in 2007 and employs a workforce of nearly 10,000. It ranks as the second biggest independent laboratory in France and leads the in-pharmacy cosmetics sector, which accounts for half the group’s turnover.
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.
Source: Company
