Pierre Fabre Donates Majority Equity to Foundation

PARIS—Pierre Fabre donated 100 percent of the equity of Pierre Fabre Participation, a holding company with a 60 percent share in Laboratoires Pierre Fabre, to the Pierre Fabre Foundation. According to Fabre, the aim is to secure the long-term independence of Pierre Fabre SA, the company Fabre founded in 1961. Further, Fabre plans to transform Pierre Fabre SA into a company under a supervisory committee, chaired by him, with Jean-Pierre Garnier as general manager heading the management board. Garnier served most recently as CEO of GlaxoSmithKline, and is a member of the French Healthcare Industries Strategic Council, part of the Invest in France Agency.