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DRAXIS Announces Completion of Sale to Jubilant
Date:5/28/2008

TORONTO, May 28 /PRNewswire-FirstCall/ - DRAXIS Health Inc. ("DRAXIS") (TSX: DAX) (NASDAQ: DRAX) announced today the completion of the statutory arrangement under which all of DRAXIS' common shares have been acquired by an indirect wholly-owned subsidiary of Jubilant Organosys Ltd. for US$6.00 per common share. As a result, DRAXIS common stock is expected to cease trading on the NASDAQ Global Market and on the Toronto Stock Exchange at market close on Thursday, May 29, 2008, and will no longer be listed on these stock exchanges.

Payment of the cash consideration will be made by Computershare Investor Services.

DRAXIS shareholders who possess physical stock certificates have received instructions and a letter of transmittal by mail from Computershare Investor Services concerning how and where to forward their certificates for payment. For shares held in "street name" by a broker, bank or other nominee, shareholders will not need to take any action to have shares converted into cash, as this will be carried out by the broker, bank or other nominee. Questions about the payment of proceeds should be directed to the appropriate broker, bank or other nominee.

About DRAXIS Health Inc.:

DRAXIS Health, through its wholly owned operating subsidiary, DRAXIS Specialty Pharmaceuticals Inc., provides products in three categories: sterile products, non-sterile products and radiopharmaceuticals. Sterile products include liquid and freeze-dried (lyophilized) injectables plus sterile ointments and creams. Non-sterile products are produced as solid oral and semi-solid dosage forms. Radiopharmaceuticals are used for both therapeutic and diagnostic molecular imaging applications. Pharmaceutical contract manufacturing services are p
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SOURCE DRAXIS Health Inc.
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