Control of Pierre Fabre goes to Foundation
Pierre Fabre has 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% stake in independent French drugmaker Laboratoires Pierre Fabre. The announcement fulfils a commitment made to the firm's employees in 2005.
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 2007 turnover of 1.7 billion euros ($2.5 billion) in pharmaceuticals, family medical products and dermocosmetics.
France's leading drug independent, Laboratories Servier, headed by its founder Jacques Servier, is also controlled by a foundation, into which all profits from global operations are channelled to support R&D.
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