UCB’s Schwarz Pharma bid gets EU antitrust clearance

UCB has announced that the EU Commission has granted antitrust clearance for its proposed takeover of Schwarz Pharma. Earlier this month, the US Federal Trade Commission gave similar permission for the merger by not expressing any reservations before the end of the waiting phase.

Under the terms of the offer, the acceptance period for the bid is from November 10th – December 8th, by which time, shareholders in Schwarz Pharma must instruct the body that administers their securities of their approval of the bid.

Roch Doliveux, chief executive officer of UCB, said that gaining clearance for the takeover from these two regulatory bodies was a significant stage in the progression of the deal.

“Since the announcement [of the bid] on September 25th, both companies have enjoyed further positive newsflow on developments in their exciting pipelines,” he said.

“This winning combination will create a next generation biopharmaceutical leader,” he added

Earlier this week, the boards of Schwarz Pharma recommended acceptance of the bid by UCB to its shareholders, stating that the offer represented a significant premium on the share price of the company. The bid amounts to an offer of 50 euro cash and 0.8735 of new common stock in UCB.