Pierre Fabre announces passing of president and founder

Pierre Fabre has voiced its condolences to the family and friends of its eponymous founder and president, who passed away on July 20th 2013 at the age of 87.

Mr Fabre established the company in 1961 and has led it to become the third-largest pharmaceuticals firm in France, employing around 10,000 people across the world.

He has been hailed for his strong values and commitment to research, innovation and employee wellbeing, as well as his philanthropic nature, as evidenced by his contributions to the Foundation Pierre Fabre.

The organisation said it is currently in "mourning" for its late founder and expressed gratitude to Mr Fabre for helping to make the company what it is.

A statement from Pierre Fabre said: "According to his utmost wishes, the company will pursue the exciting adventure that Mr Fabre initiated in 1961. We will soon communicate about the decisions that will be taken to make it happen."

In 2012, Pierre Fabre generated global turnover of 1.98 billion euros (1.7 billion pounds), up by 48 percent on the corresponding figure from 2002.