Pierre Fabre Donates Equity Interest to Fabre Foundation
October 7, 2008
FRANCE: In what is being called an effort to secure the long-term independence of Pierre Fabre SA, Pierre Fabre has donated 100% of the equity of Pierre Fabre Participation, a holding company with a 60% share in Laboratoires Pierre Fabre, to the Pierre Fabre Foundation. The foundation, created in 1999, promotes good pharmaceutical practice and aims to improve healthcare in developing countries. In addition, Mr. Pierre Fabre expressed his intention to transform Pierre Fabre SA into a company under a supervisory committee, chaired by him, with Jean-Pierre Garnier heading the management board. Mr. Garnier had been chief executive officer of GlaxoSmithKline until last May.