UCB to buy Schwarz Pharma for $5.6bn

Belgian pharmaceutical firm UCB SA has agreed to buy German firm Schwarz Pharma AG for 4.4 billion euro ($5.6 billion) in cash and stock.

Shareholders of Schwarz will get 91.10 euro per share - 50 euro a share in cash and 0.8735 UCB shares. The Schwarz-Schuette family, which owns 60% of the Monheim, Germany-based Schwarz Pharma, has backed the offer.

Chief Executive Officer Patrick Schwarz-Schuette will get a seat on the board of the enlarged UCB.