Navigation Links
DRAXIS Obtains Final Order for Proposed Arrangement

Court approves acquisition of DRAXIS by Jubilant

TORONTO, May 27 /PRNewswire-FirstCall/ - DRAXIS Health Inc. ("DRAXIS") (TSX: DAX) (NASDAQ: DRAX) announced today that it has obtained a Final Order from the Quebec Superior Court in connection with the previously announced proposed statutory plan of arrangement under which all of DRAXIS' common shares will be acquired by an indirect wholly-owned subsidiary of Jubilant Organosys Ltd ("Jubilant") for US$6.00 per common share. The arrangement was approved by 99% of the votes cast by holders of DRAXIS' common shares, which was in excess of the 66 2/3% required, at the annual and special meeting of DRAXIS shareholders held May 23, 2008.

The transaction is expected to close shortly. The transaction remains subject to customary closing conditions.

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 provided through the DRAXIS Pharma division and radiopharmaceuticals are developed, produced, and sold through the DRAXIMAGE division. DRAXIS employs approximately 500 staff in its Montreal facility.
For additional information please visit

Caution Concerning Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and as contemplated under other applicable securities legislation. These statements can be identified by the use of forward-looking terminology such as "may," "will," "expect," "anticipate," "estimate," "continue," "plan," "intend," "believe" or other similar words. These statements discuss future expectations concerning results of operations or financial condition or provide other forward-looking information. Our actual results, performance or achievements could be significantly different from the results expressed in, or implied by, those forward-looking statements. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made.

These statements are not guarantees of future performance. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results or performance of the Company to be materially different from such statements or from any future results or performance implied thereby. Factors that could cause the Company's results or performance to differ materially from a conclusion, forecast or projection in the forward-looking statements include, but are not limited to:

- the potential acquisition of DRAXIS by Jubilant in an all cash

transaction at US$6.00 per outstanding share (the "Acquisition");

- the ability of each of Jubilant and DRAXIS to satisfy all of the

closing conditions to complete the Acquisition;

- the achievement of desired clinical trial results related to DRAXIS'

pipeline products;

- timely regulatory approval of DRAXIS' products;

- the ability to comply with regulatory requirements applicable to the

manufacture and marketing of DRAXIS' products;

- DRAXIS' ability to obtain and enforce effective patents;

- the non-infringement of third party patents or proprietary rights by

DRAXIS and its products;

- factors beyond DRAXIS' control that could cause interruptions in

operations in its single manufacturing facility (including, without

limitation, material equipment breakdowns);

- reimbursement policies related to health care;

- the establishment and maintenance of strategic collaborative and

commercial relationships;

- DRAXIS' dependence on a small number of key customers;

- the disclosure of confidential information by DRAXIS' collaborators,

employees or consultants;

- the preservation of healthy working relationships with DRAXIS' union

and employees;

- DRAXIS' ability to grow the business;

- the fluctuation of DRAXIS' financial results and exchange and interest

rate fluctuations;

- the adaptation to changing technologies;

- the loss of key personnel;

- the avoidance of product liability claims;

- the loss incurred if current lawsuits against DRAXIS succeed;

- the volatility of the price of DRAXIS' common shares;

- market acceptance of DRAXIS' products;

- factors described under "Outlook" in DRAXIS' MD&A for the most recent

quarter; and

- the risks described in "Item 3. Key Information - Risk Factors" in the

Annual Report Form 20-F filed by DRAXIS with the United States

Securities and Exchange Commission and which is also filed as DRAXIS'

Annual Information Form with Canadian securities regulators.

For additional information with respect to certain of these and other factors, and relating to DRAXIS generally, reference is made to DRAXIS' most recent filings with the United States Securities and Exchange Commission (available on EDGAR at and the filings made by DRAXIS with Canadian securities regulators (available on SEDAR at The forward-looking statements contained in this document represent DRAXIS' expectations as at May 26, 2008. Unless otherwise required by applicable securities laws, DRAXIS disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Draxis Health selected by Johnson and Johnson Consumer Companies, Inc. for major contract manufacturing relationship
2. DRAXIS to Present at the 2007 UBS Global Life Sciences Conference
3. DRAXIS Health Inc. Announces Retirement of Dr. Martin Barkin as President and Chief Executive Officer
4. DRAXIS Names GE Healthcare as Exclusive Distributor of DRAXIMAGE(R) Sestamibi in USA
5. DRAXIS Announces Application for Normal Course Issuer Bid
6. DRAXIS Share Buyback Approved by TSX
7. DRAXIS to Report Fourth Quarter and Year End 2007 Results on February 7th
8. DRAXIS Health Reports Fourth Quarter and Year End Results
9. DRAXIS Responds to Trading
10. Jubilant to acquire Draxis Health
11. DRAXIS Obtains Interim Order for Proposed Arrangement
Post Your Comments:
(Date:11/30/2015)... Wilmington, DE (PRWEB) , ... November 30, 2015 ... ... a guest lecturer at a University of Delaware Accounting and Management of Information ... accounting software solutions for mid-market businesses. Sommer will speak at before student in ...
(Date:11/30/2015)... ... November 30, 2015 , ... A record crowd gathered at the Pennsylvania ... by the Baruch S. Blumberg Institute. , The institute, which is the research arm ... and biotechnology leaders for the conference, which focused on ways companies can work to ...
(Date:11/30/2015)... ... November 30, 2015 , ... ChiliPad ... looking to maximize recovery through quality sleep. Tim DiFrancesco, training coach for the ... better night’s sleep. ChiliPad precisely regulates the surface temperature of each side of ...
(Date:11/30/2015)... ... November 30, 2015 , ... Dr. Seth D. Margulies ... locations, patients can visit Dr. Margulies to experience the best available orthodontic experience in ... title of "NJ Top Dentist"! , Orthodontics is the branch of dentistry that specializes ...
(Date:11/30/2015)... ... November 30, 2015 , ... ... Control Centers’ National Poison Data System (NPDS) reveals that in 2014, someone called ... million cases, over two million of which were human exposure cases. , The ...
Breaking Medicine News(10 mins):
(Date:11/30/2015)... 30, 2015  Hanger, Inc. (NYSE: HGR ) ... the terms of its previously announced consent solicitation (as ... $200,000,000 aggregate principal amount 7⅛% Senior Notes due 2018 ... consent fees payable pursuant to the Consent Solicitation, (ii) ... (iii) the expiration date of the Consent Solicitation.    ...
(Date:11/30/2015)... , Belgium , Nov. 30, 2015 ... sciences company focused on developing blood-based diagnostic tests for a ... the Company will present at the LD Micro Conference, which ... Los Angeles, CA. Attending from VolitionRx will be ... Scott Powell , Vice President of Investor Relations. ...
(Date:11/30/2015)... BOSTON , November 30, 2015 /PRNewswire/ ... potential new medicines directed at up to 10 G ... --> PFE ) to research and develop potential ... receptor (GPCR) targets across multiple therapeutic areas. --> ... discovery and development company and wholly-owned subsidiary of Sosei ...
Breaking Medicine Technology: