TORONTO, May 23 /CNW/ - DRAXIS Health Inc. ("DRAXIS" or the "Company")(TSX: DAX) (NASDAQ: DRAX) announced today that the plan of arrangement underthe Canada Business Corporations Act, involving DRAXIS, its shareholders andJubilant Acquisition Inc. (the "Purchaser"), an indirect wholly-ownedsubsidiary of Jubilant Organosys Ltd., was approved by 99% of the votes castby holders of DRAXIS' common shares, which is in excess of the 66 2/3%approval requirement. The plan of arrangement, when it becomes effective, willresult in the acquisition by the Purchaser of all the outstanding commonshares of DRAXIS for U.S.$6.00 in cash per common share.
Of the total common shares issued and outstanding, 77% were voted eitherin person or by proxy at the annual and special meeting of DRAXISshareholders, held earlier today.
The closing of the transaction is subject to customary closingconditions, including receipt of a Final Order from the Quebec Superior Courtapproving the plan of arrangement. The hearing in respect of the Final Orderis expected to take place on Tuesday, May 27, 2008 at 9:00 a.m. (Montrealtime). The transaction is expected to close shortly thereafter.
About DRAXIS Health Inc.
DRAXIS Health, through its wholly owned operating subsidiary, DRAXISSpecialty Pharmaceuticals Inc., provides products in three categories: sterileproducts, non-sterile products and radiopharmaceuticals. Sterile productsinclude liquid and freeze-dried (lyophilized) injectables plus sterileointments and creams. Non-sterile products are produced as solid oral andsemi-solid dosage forms. Radiopharmaceuticals are used for both therapeuticand diagnostic molecular imaging applications. Pharmaceutical contractmanufacturing services are provided through the DRAXIS Pharma division andradiopharmaceuticals are developed, produced, and sold through the DRAXIMAGEdivision. DRAXIS employs approximately 500 staff in its Montreal facility.
For additional information please visit www.draxis.com.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements within the meaningof Section 27A of the Securities Act of 1933, as amended (the "SecuritiesAct") and Section 21E of the Securities Exchange Act of 1934, as amended (the"Exchange Act") and as contemplated under other applicable securitieslegislation. These statements can be identified by the use of forward-lookingterminology such as "may," "will," "expect," "anticipate," "estimate,""continue," "plan," "intend," "believe" or other similar words. Thesestatements discuss future expectations concerning results of operations orfinancial condition or provide other forward-looking information. Our actualresults, performance or achievements could be significantly different from theresults expressed in, or implied by, those forward-looking statements.
