Ferring Donates US$3 Million to the Royal Textile Academy of Bhutan

SAINT PREX, Switzerland - Frederik Paulsen, Chairman of Ferring Pharmaceuticals, a pharmaceutical company with presence in all major European markets and in the US, announced a US$3 million donation to the Royal Textile Academy of Bhutan. This money will be used to fund the creation and development of a new cultural centre in the Bhutanese capital of Thimphu.

Bhutan is globally renowned for the beauty of its textiles, designed and created along traditional lines by local Bhutanese weavers. The Academy will provide educational programmes, research and exhibitions aimed at both raising the international profile of Bhutanese textiles and improving the livelihood of the weavers who make them.

Speaking at the official presentation of the grant to the Royal Textile Academy, and in the presence of Her Majesty Ashi Sangay Choden Wangchuck, the Queen of Bhutan, Frederik Paulsen said:

“It is the sincere hope of all of us at Ferring that this grant will go some way towards contributing to the future success of the Royal Textile Academy and the future prosperity of Bhutan. The Academy will act as a focal point for both education and a variety of cultural events. It will include a new, state-of-the-art museum, a textile weaving academy and a conservation centre. It is hoped that the Academy will become a destination for tourists as well as students from all over the world. Both marketing and technical assistance will be provided to the weavers of Bhutan.”

Her Majesty Ashi Sangay Choden Wangchuck, in response to Frederik Paulsen, said:

“I sincerely thank Dr. Paulsen and Ferring Pharmaceuticals for the great support they have shown to the Academy. This grant will not only benefit the people of Bhutan, especially our weavers, but will also enrich our cultural and economic development. Establishing the Royal Textile Academy is a dream that many of us in Bhutan share. I am confident that with continued support and guidance, we will succeed in creating a dynamic institution that will ensure that the textile arts of Bhutan continue to flourish into the next century.”

About Ferring

Ferring Pharmaceuticals is a Swiss-based research driven, specialty biopharmaceutical group active in global markets. The company identifies, develops and markets innovative products in the areas of endocrinology, gastroenterology, gynaecology, fertility and urology. In recent years Ferring has expanded beyond its traditional European base and has operations in over 40 countries. To learn more about Ferring or its products please visit www.ferring.com.

Source: Ferring Pharmaceuticals

Further information: Helen Gallagher, Ferring Pharmaceuticals, Tel: +41-58-301-00-51, Fax: +41-58-301-0039, e-mail: helen.gallagher at ferring.com