Court order moves Draxis Health, Jubilant Organosys transaction closer to completion

By Lisa Kerner

Charlotte, N.C., May 27 - Draxis Health Inc. received a final order from the Quebec Superior Court in connection with the company's acquisition by Jubilant Organosys Ltd.

The transaction is expected to close "shortly," a Draxis Health news release said.

As already reported, Draxis Health shareholders approved the acquisition of the company by a Jubilant Organosys subsidiary at a special meeting on May 23.

The Jubilant Organosys subsidiary will acquire all of Draxis Health's common shares for $6 each in the $255 million deal.

Jubilant Organosys, a Noida, India, integrated pharmaceutical company, said it gains entry into the "high-growth and high-margin" radiopharmaceutical industry with the acquisition of Draxis Health.

Toronto-based Draxis Health provides sterile products, non-sterile products and radiopharmaceuticals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.