DETROIT - (October 3, 2001) - The Board of Governors of Wayne State University announced today the renaming of its College of Pharmacy and Allied Health Professions for Eugene Applebaum, entrepreneur, philanthropist and founder of Arbor Drugs, Inc. Effective immediately, the college will be known as the Eugene Applebaum College of Pharmacy and Health Sciences.

Applebaum, a Detroit native and 1960 graduate of Wayne State, has contributed $5 million toward the college's "Preparing For Tomorrow" campaign, which will help fund construction of a six-floor, state-of-the-art education and research facility in the heart of Detroit. His gift is the largest individual donation in Wayne State's history. Applebaum's friends and business associates also have contributed more than $2 million to the campaign in his honor.

"Eugene Applebaum's commitment to Wayne State University and his lifelong dedication to the city of Detroit make him especially deserving of this recognition," said Wayne State President Irvin D. Reid. "Now that this distinguished college bears Eugene Applebaum's name, generations of students will be reminded of his invaluable contributions to this institution, this city and his profession."

"I am honored and deeply touched by the Board of Governors' decision," Applebaum said. "My experience at Wayne State guided me throughout my career, and I am elated that the best possible education in pharmacy and the allied health professions can be obtained in our community."

Applebaum launched his first store, Civic Drugs, in Dearborn, Mich. in 1963. In 1974, he brought together this store and five others in the metropolitan Detroit area to form Arbor Drugs, Inc. CVS/pharmacy purchased Arbor in 1998, with Applebaum becoming the largest individual shareholder of the Fortune 500 retailer. Reflecting his leadership in the drugstore industry, Applebaum sits on the board of directors of Rhode Island-based CVS, Inc. At the time of the purchase, Arbor was the nation's 8th largest drugstore chain, operating 208 stores and generating more than $1 billion in annual sales. Arbor held a commanding 45 percent market share position in metropolitan Detroit, the nation's fourth largest trading area for drugstore-related sales

In addition to his business endeavors, Applebaum is recognized for his humanitarian and philanthropic work. "My vision for Detroit is for a strengthened, more vibrant metropolitan community," Applebaum said. "I was born and raised in Detroit, educated in Detroit and built my business in the metro Detroit area. I want to play a leadership role in assuring that future generations receive the best health care education possible, right here, and that good jobs stay in the city and surrounding communities."

Applebaum, a resident of Bloomfield Hills, Mich., chairs the Wayne State University Foundation and received an honorary doctorate from the university in 1998.

The new 270,000 square-foot education and research complex will open for the fall term in 2002 at John R Street and Mack Avenue. The facility will replace crowded and outdated Shapero Hall, located on the Chrysler Freeway service drive north of East Lafayette Boulevard.

The "Preparing For Tomorrow" Campaign is raising $16.1 million toward construction of the new facility. The state of Michigan has committed an additional $48 million to the project.

Wayne State University's Eugene Applebaum College of Pharmacy and Health Sciences will offer 15 degree programs. More than 900 students now attend the college, which was founded as the Pharmacy College in 1924 and expanded to include other degree programs 50 years later.