UCB takeover of Schwarz Pharma continues

The acquisition of Schwarz Pharma by UCB continued this week following a number of landmarks. UCB announced that during the first acceptance period it had obtained tenders equal to 83.72 per cent of the total share capital of Schwarz Pharma.

It reported that when the first acceptance period is settled, predicted to be 20th December, Schwarz Pharma shareholders that had divested their shares will receive 50 euros (33.49 pounds) in cash, in addition to 0.8735 of new UCB shares.

Additionally, UCB appointed the new chief executive officer of Schwarz Pharma, Detlef Thieglen, to the executive committee of UCB, an appointment that will become effective at the start of next year when he assumes the role at Schwarz Pharma.

“Detlef Thieglen has built an impressive career with Schwarz Pharma. Detlef has held several positions in finance and controlling, including chief financial officer in the USA,” the company reported.

It added that Mr Thielgen has held a number of other roles, including holding responsibility for the company’s global production and supply chain as general manager of operations form 1999-2002.

Mr Thielgen was appointed as a member of the executive board of Schwarz Pharma in February 2002.

Earlier this week, UCB announced that as the company had acquired over 76 per cent of the company, its offer would be extended for two further weeks, as is necessary in German corporate law.