UCB announces agreement enabling full integration of Schwarz Pharma

UCB has announced that it has registered a domination and profit transfer agreement between its wholly-owned subsidiary UCB SP and Schwarz Pharma on the commercial register in Germany to facilitate the full integration of the company into the group.

At present, UCB owns 87.6 per cent of Schwarz Pharma, while shareholders in the company will be advised in the coming days on the procedure in place to allow them to take advantage of the cash offer of 104.60 euros (70.88 pounds) for each remaining share held – a compensatory sum contractually agreed by the companies.

This agreement – a necessary step for the full integration of Schwarz Pharma into the UCB group – was approved by the general shareholders meeting of Schwarz Pharma on May 8th 2007.

Roch Doliveux, chief executive officer of UCB, said: “This is wonderful news for the whole UCB group and it is another important milestone to our building UCB into a next generation biopharma leader.”

He added that this registration will allow the company to progress from the planning of the integration of Schwarz Pharma to the full execution of these plans in an effective and efficient manner.

The companies had previously announced the start of negotiations for the end of a domination and profit transfer agreement between the firms in January 2007.