Thanks guys, the consensus seems to be call and raise initially, which was my instinct all along.

FWIW my buddy folded. He is an experienced SNG player so I respect his opinion. I think his reasoning for just calling was to try and trap UTG. When BB came over the top, he didn't think his range was wide enough to call. He would rather live and fight another day. He folded and went on to win the SNG.