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:10/13/2017)... CT (PRWEB) , ... October 13, 2017 , ... ... long-term care services, staged a mock evacuation of the facility as part of a ... Shelton Fire Department, Echo Hose EMS and Shelton City Emergency Manager, as well as ...
(Date:10/13/2017)... ... 13, 2017 , ... Ellevate Network, the leading network for professional women, brought ... gender equality at their inaugural Summit in New York City in June. The event ... audience of over 3 million. To watch the Mobilize Women video, click here ...
(Date:10/13/2017)... ... ... Talented host, actor Rob Lowe, is introducing a segment ... of "Success Files," which is an award-winning educational program broadcasted on PBS Member ... with passion and integrity. , Sciatica occurs when the sciatic nerve in the ...
(Date:10/13/2017)... ... October 13, 2017 , ... “America On The Brink”: ... “America On The Brink” is the creation of published author, William Nowers. ... As a WWII veteran, he spent thirty years in the Navy. Following ...
(Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... Planet Fitness, ... the U.S., announced today its plans to open a flagship location in Covington, LA ... the former Rooms To Go store next to Office Depot in the Holiday Square ...
Breaking Medicine News(10 mins):
(Date:10/12/2017)... , Oct. 12, 2017 AVACEN Medical ... the company with their  2017 New Product Innovation Award ... on extensive primary and secondary medical device market research by ... through its first-to-market OTC, drug-free pain relief product, the AVACEN ... approach to treating fibromyalgia widespread pain. ...
(Date:10/12/2017)... -- West Pharmaceutical Services, Inc. (NYSE: WST), ... administration, today announced that it will release third-quarter 2017 ... 26, 2017, and will follow with a conference call ... a.m. Eastern Time. To participate on the call, please ... is 94093362. A ...
(Date:10/11/2017)... , Oct. 11, 2017  Caris Life Sciences ® ... fulfilling the promise of precision medicine, today announced that ... Caris, Precision Oncology Alliance™ (POA) as its 17 th ... the St. Jude Crosson Cancer Institute will help develop ... use of tumor profiling, making cancer treatment more precise ...
Breaking Medicine Technology: