For a full discussion of this, see:
http://www.wwco.com/~wls/blog/2007/04/25/using-script-in-a-javascript-literal/
The short answer is that your code is parsed in two discrete steps.
The first one is XML. And that means that the element <SCRIPT> is looking for a </SCRIPT>. It's important to remember that XML elements are content agnostic. That means that the parser doesn't know yet that there's JavaScript in there.
Once it has the contents of the <SCRIPT> element, then it processes that chunk of text, which presumably is JavaScript.
By splitting up the tag with a string concatenate operator you prevent a constant from tripping up the XML phase.
One simple solution is to put < and > in the Javascript text.