DRAXIS (DRAX) To Be Acquired By Jubiliant for $255M
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DRAXIS (Nasdaq: DRAX) and Jubilant Organosys today announced that they have entered into an arrangement agreement whereby a wholly-owned subsidiary of Jubilant Organosys Ltd. ("Jubilant") will acquire all the outstanding common shares of DRAXIS at a price of $6.00 per share in cash by way of a plan of arrangement. The total value of this transaction is approximately $255 million.
This purchase price represents a 22.4% premium over DRAXIS' closing price of $4.90 yesterday.
The proposed transaction is expected to close in the second quarter of 2008, shortly after receipt of shareholder and court approvals.
Draxis Health, Inc., through its wholly owned subsidiary, DRAXIS Specialty Pharmaceuticals, Inc., provides products in the areas of sterile, nonsterile, and radiopharmaceuticals. [BCS]
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