TORONTO, May 28 /CNW/ - DRAXIS Health Inc. ("DRAXIS") (TSX: DAX) (NASDAQ:DRAX) announced today the completion of the statutory arrangement under whichall of DRAXIS' common shares have been acquired by an indirect wholly-ownedsubsidiary of Jubilant Organosys Ltd. for US$6.00 per common share. As aresult, DRAXIS common stock is expected to cease trading on the NASDAQ GlobalMarket 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 InvestorServices.
DRAXIS shareholders who possess physical stock certificates have receivedinstructions and a letter of transmittal by mail from Computershare InvestorServices 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 intocash, as this will be carried out by the broker, bank or other nominee.Questions about the payment of proceeds should be directed to the appropriatebroker, bank or other nominee.
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.
