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Posted AT 2:34 PM EST on 04/04/08

Possible buyer emerges for Draxis

The Canadian Press

TORONTO — Jubilant Organosys Ltd., an India-based integrated pharmaceuticals industry player, is growing in North America by bidding to acquire Canadian drug producer Draxis Health Inc. for $255-million (U.S.). Jubilant is offering $6.00 per share for Toronto-based Draxis in a friendly takeover announced Friday. Draxis, with 500 employees, has its manufacturing operations in Montreal.

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