DRAXIS Health completes sale to Jubilant Organosys for US$255 million

On May 28, 2008, Montreal-based pharmaceutical firm DRAXIS Health Inc. ("DRAXIS") (TSX: DAX) (NASDAQ: DRAX) announced the completion of a statutory arrangement pursuant to which all of the common shares of DRAXIS were acquired by an indirect wholly-owned subsidiary of India-based Jubilant Organosys Ltd. for US$6.00 per common share for a total value of approximately US$255 million. Jonathan Levin and Daniel Batista of Fasken Martineau advised the Special Committee of DRAXIS in connection with the transaction.