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DRAXIS Share Buyback Approved by TSX
Date:1/16/2008

MONTREAL, Jan. 16 /PRNewswire-FirstCall/ - DRAXIS Health Inc, (TSX: DAX) (NASDAQ: DRAX) has received approval from the Toronto Stock Exchange (TSX) for its previously announced Normal Course Issuer Bid (NCIB) to purchase up to 4,072,054 common shares, which represent approximately 10% of the 40,720,539 common shares in the public float as at January 14, 2008. As at January 14, 2008, 42,062,538 common shares of DRAXIS were issued and outstanding.

Purchases may begin on January 21, 2008 and the bid will end no later than January 20, 2009 or earlier if the Company purchases the maximum allowable number of shares. All shares will be purchased through the facilities of the TSX and will be cancelled. During the previous twelve months, DRAXIS purchased 130,100 of its common shares at an average price of CDN$5.21 under a previous NCIB.

The Board of Directors of DRAXIS believes that the underlying value of DRAXIS is not reflected in the current market price of its common shares, and may not be so reflected at certain times during the course of the NCIB, and has thus concluded that the repurchase of common shares pursuant to the proposed NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of shareholders.

Any purchases made pursuant to the NCIB will be made in accordance with the rules of the TSX and will be made at the market price of the common shares at the time of the acquisition. DRAXIS will make no purchases of common shares other than open market purchases which may be made during the period that the NCIB is outstanding. Subject to any block purchases made in accordance with the rules of the TSX, DRAXIS will be subject to a daily repurchase restriction of 23,084 common s
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SOURCE DRAXIS Health Inc.
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