DRAXIS Updates Status Of Sale Of Canadian Sales And Marketing Division.Business Editors MISSISSAUGA, Ontario--(BUSINESS WIRE)--May 9, 2002 DRAXIS Health Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DRAX) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DAX.) is in continuing negotiations with respect to the final terms and definitive documentation for the previously announced proposed sale of its Canadian pharmaceutical sales and marketing division (Draxis Pharmaceutica) to Elan Corporation, plc (NYSE NYSE See: New York Stock Exchange : ELN Noun 1. ELN - a Marxist terrorist group formed in 1963 by Colombian intellectuals who were inspired by the Cuban Revolution; responsible for a campaign of mass kidnappings and resistance to the government's efforts to stop the drug trade; "ELN kidnappers target ). DRAXIS expects to close the transaction, assuming all remaining issues are satisfactorily resolved with Elan and other licensors. In January 2002, DRAXIS announced it had entered into a binding letter of intent with Elan wherein Elan agreed to acquire substantially all of the operations, product rights and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. and obligations of the Draxis Pharmaceutica division. Should the proposed transaction not be completed, DRAXIS will continue to manage the Draxis Pharmaceutica division to enhance shareholder value consistent with the Company's strategic focus on its core radiopharmaceutical radiopharmaceutical /ra·dio·phar·ma·ceu·ti·cal/ (-fahr?mah-soo´ti-k'l) a radioactive pharmaceutical, nuclide, or other chemical used for diagnostic or therapeutic purposes. and specialty contract manufacturing businesses. About DRAXIS Health Inc. DRAXIS Health Inc. is a specialty pharmaceutical company focussed in two core business units - the development, production, marketing and distribution of radiopharmaceutical products (DRAXIMAGE Inc.) and the provision of contract pharmaceutical manufacturing services, specializing in the production of sterile injectable in·ject·a·ble adj. Capable of being injected. Used of a drug. n. A drug or medicine that can be injected. liquids and freeze-dried products (DRAXIS Pharma Inc.). Except for historical information, this news release contains certain forward-looking statements that involve risk and uncertainties, which may cause actual results to differ materially from the statements made. Such factors include, but are not limited to, changing market conditions, clinical trial results, the establishment of new corporate alliances, the impact of competitive products and pricing, the timely development, regulatory approval and market acceptance of the Company's products, and other risks detailed from time-to-time in the Company's filings with the US Securities and Exchange Commission and Canadian securities authorities. |
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