UCB formally publishes Schwarz Pharma bid

Global biopharmaceutical company UCB has announced the official publication of its takeover bid for German firm Schwarz Pharma.

UCB is offering 50 euros plus 0.8735 ordinary new shares for every tenured share of Schwarz Pharma.

The supervisory and executive boards of Schwarz Pharma have announced that, conditional on the company’s review of the offer and the boards’ duties as trustees, it will recommend that shareholders accept the offer.

Acceptance of the offer will be confirmed by shareholders directing the bank administering their shares of their intention by December 8th.

The proposed merged company will focus on neurology, immunology and oncology.

Roch Doliveux, chief executive officer of UCB, said: “We would strongly recommend to all Schwarz Pharma shareholders to take this unique opportunity and accepted our offer.”

He added that the merged company would have growth opportunities superseding those of both companies separately, with the firms combining to form a “next generation biopharmaceutical leader”.

Last month, the extraordinary shareholders’ meeting approved an increase in the maximum number of new ordinary shares of UCB to 43,033,437. These additional shares were earmarked for issue to the shareholders of Schwarz Pharma following the tender offer announced in September.