Dragon and Oriental Wave Extend the Share Purchase Agreement in Connection with the Proposed Acquisition

Dragon and Oriental Wave Extend the Share Purchase Agreement in
Connection with the Proposed Acquisition 


VANCOUVER, Dec. 17  /PRNewswire-FirstCall/ -- Dragon Pharmaceutical Inc. (OTC
BB: DRUG; TSX: DDD; BBSE: DRP) announces that the Company and Oriental Wave
Holding Limited have agreed to extend the Share Purchase Agreement to February
28, 2005 in connection with the proposed acquisition of Oriental Wave. Under
the original terms of the Share Purchase Agreement, the acquisition was to be
completed by December 31, 2004, or the agreement could be terminated. As
previously announced, Dragon's stockholders' meeting has been scheduled for
January 11, 2005.

"We believe that the acquisition represents an important strategic step for us
that will strengthen our competitive position. Combining the businesses of
Dragon and Oriental Wave into one unified organization will expand our range of
products, allow us to leverage the marketing network built over the years in
China and international markets by both companies and improve our ability to
execute our combined business strategy. These benefits will enable us to better
capitalize on attractive global market opportunities in the generic
pharmaceutical sector as well as the bulk pharmaceutical chemical sector and
position us for increased revenue and growth. I urge all our stockholders to
vote in favour of the proposed acquisitions together with other proposals."
said, Dr. Alexander Wick, President and CEO.

Each Dragon stockholder as of the record date of November 29, 2004 has been
sent a copy of the Definitive Proxy Statement. Dragon Stockholders are strongly
encouraged to read the Definitive Proxy Statement and vote on the proposed
acquisition among other proposals. Any Dragon stockholder who has not received
the Definitive Proxy Statement or has any questions regarding the Definitive
Proxy Statement, the Annual General Meeting or the voting process can contact
Garry Wong directly at the Vancouver office of the Company.

About Dragon Pharmaceutical Inc.

Dragon Pharmaceutical Inc. is an international bio-pharmaceutical company
headquartered in Vancouver, Canada, with a GMP production facility in Nanjing,
China. Dragon's EPO products are being marketed in 9 countries: China, India,
Egypt, Brazil, Peru, Ecuador, Trinidad-Tobago, Dominican Republic and Kosovo.
Additional regulatory submissions are in progress throughout Central and
Eastern Europe, Asia, Latin America, the Middle East and Africa, and the
Company is preparing to enter the European Union market.

Dragon Pharmaceutical Inc. announced entering into a definitive agreement to
acquire Oriental Wave Holdings Ltd. The proposed acquisition is subject to a
number of conditions including shareholders' vote to approve the proposed
acquisition, which has been scheduled on January 11, 2005. If the proposed
acquisition is consummated, the combined company will have diverse and proven
product lines under 3 divisions: a Pharma division for prescription and
over-the-counter generic drugs, a Chemical division for bulk pharmaceutical
chemicals such as Clavulanic Acid, 7-ACA and sterilized bulk drug production,
and a Biotech division for EPO and in-licensed G-CSF. Please refer to the
Company's proxy statement filed with the SEC.

  For further information please contact:
  Dragon Pharmaceutical Inc.
  Garry Wong, CFA, IMBA
  Address: Suite 1900 -1055 West Hastings Street, Vancouver, B.C.,
  Canada V6E 2E9
  Telephone: [phone] or North America Toll Free: 1-877-388-3784
  Fax: [phone]
  Email: 
  Website: http://www.dragonbiotech.com/ or http://www.dragonpharma.com/

  or

  Renmark Financial Communications Inc.
  John Boidman : 
  Sylvain Laberge : 
  Media - Cynthia Lane : 
  Telephone: [phone]
  Fax  : [phone]
  Website: http://www.renmarkfinancial.com/

  Forward Looking Statement:


Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act of 1995: All statements, other than
historical facts, included in this press release are forward-looking
statements. Forward-looking statements are not guarantees of future
performance. They involve risk, uncertainties and assumptions including risks
discussed under "Risks Associated With Dragon Pharmaceutical" in the Company's
annual report on Form 10-KSB, SEC File No.: 0-27937 and other documents filed
with the SEC. The Company does not undertake the obligation to publicly revise
these forward-looking statements to reflect subsequent events or circumstances.

The foregoing may be deemed to be soliciting materials of Dragon in connection
with its definitive agreement to acquire Oriental Wave announced on June 14,
2004. This disclosure is being made in connection with Regulation of Takeovers
and Security Holder Communications (Release Nos. 33-7760 and 34-42055) adopted
by the Securities and Exchange Commission ("SEC") and Rule 14a-12 under the
Securities Exchange Act of 1934, as amended. Dragon shareholders and other
investors are urged to read the definitive proxy statement that Dragon filed
with the SEC and sent to shareholders in connection with the proposed business
acquisition because it contains important information about Dragon, Oriental
Wave and related matters. Dragon and its directors and executive officers may
be deemed to be participants in Dragon's solicitation of proxies from Dragon
shareholders in connection with the proposed acquisition. Information regarding
the participants and their security holdings can be found in Dragon's
definitive proxy statement filed with the SEC. The definitive proxy statement
is available for free, both on the SEC web site (http://www.sec.gov/) and from
Dragon. 

DATASOURCE: Dragon Pharmaceuticals Inc.



CONTACT: Dragon Pharmaceutical Inc., Garry Wong, CFA, IMBA, Address:

Suite 1900 -1055 West Hastings Street, Vancouver, B.C., Canada V6E 2E9,

Telephone: [phone] or North America Toll Free: 1-877-388-3784, Fax:

[phone], Email: , Website:

http://www.dragonbiotech.com/ or http://www.dragonpharma.com/ or Renmark
Financial

Communications Inc., John Boidman : , Sylvain

Laberge : , Media - Cynthia Lane :

, Telephone: [phone], Fax :

[phone], Website: http://www.renmarkfinancial.com/

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