India's Jubilant Organosys Ltd. to Acquire Draxis Health Inc.

Jubilant Organosys Ltd., an integrated pharmaceutical company based in India, and Draxis Health Inc. of Montreal, announced that they entered into an agreement whereby a wholly-owned subsidiary of Jubilant Organosys Ltd. will acquire all the outstanding common shares of Draxis for approximately US$255 million. Draxis Health, through its wholly-owned operating subsidiary, Draxis Specialty Pharmaceuticals Inc., provides products in three categories: sterile products, non-sterile products and radiopharmaceuticals. Pharmaceutical contract manufacturing services are provided through the Draxis Pharma division and radiopharmaceuticals are developed, produced, and sold through the Draximage division.