UCB at neutral by Merrill

Merrill Lynch analyst Erica Whittaker rated UCB at neutral after the company announced the acquisition of Schwarz Pharma for €4 billion, or about €1 per share, at a 20% premium to Friday's close. Schwarz Pharma's shareholders will receive €50 in cash and 0.8735 of one new ordinary share in UCB. The enlarged UCB is expected to launch Cimzia (Crohn's disease) and Xyzal antihistamine next year, in addition to Cimzia (rheumatoid arthritis), Schwarz' lacosamide (epilepsy) and Keppra XR (epilepsy) in 2008. Shares of the Brussels, Belgium-based biopharmaceutical company were down €0.04, or 0.09%, at €47.00. (Brussels: UCB)

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