Schwarz Pharma AG: business combination agreement with UCB

Takeover offer for Schwarz Pharma

26.09.2006

Schwarz Pharma AG on the one hand, and UCB SA, Brussels as well as its wholly owned indirect subsidiary UCB SP GmbH (together 'UCB'), on the other hand, have entered into a business combination agreement.

According to the terms of the business combination agreement, UCB shall launch a voluntary public tender offer to all shareholders of SCHWARZ PHARMA AG according to sections 29 et seq. of the German Takeover Act (WpÜG). As consideration, Schwarz Pharma's shareholders will receive 50 euros in cash and 0.8735 of one new ordinary share in UCB per Schwarz Pharma share. This offer values Schwarz Pharma at approx. 4.4 billion euros based on the closing price of UCB shares on 22 September 2006. The new shares will be listed on the Euronext Brussels exchange (Eurolist).

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