Draxis Health Inc /CN/ - Report of Foreign Issuer (6-K)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

 

 

Pursuant to Rule 13a-16 or 15-d-16 of

The Securities Exchange Act of 1934

 

 

 

For April 14, 2008

 

 

Commission File Number 000-17434

 

DRAXIS HEALTH INC.

(Translation of registrant’s name into English)

 

Suite 4700, TD Bank Tower

Toronto Dominion Centre

Toronto, Ontario M5K 1E6

CANADA

(Address of principal offices)

 

 

 

 

Registrant files annual reports under cover of Form 20-F

 

 

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

		DRAXIS HEALTH INC.
			By:/s/ Alida Gualtieri
		General Counsel & Secretary
Dated: April 14, 2008

 

 

 

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DRAXIS HEALTH INC.

 

FORM 51-102F3

 

MATERIAL CHANGE REPORT

 

1.                                       Name and address of the Company

 

DRAXIS Health Inc.

6870 Goreway Drive, Suite 200

Mississauga, Ontario

L4V 1P1

 

2.                                       Date of Material Change

 

April 4, 2008

 

3.                                       News Release

 

A press release reporting the material change was issued by DRAXIS Health Inc. (“DRAXIS”) on April 4, 2008, a copy of which is attached.

 

4.                                       Summary of Material Change

 

Jubilant Organosys Ltd. (“Jubilant”) and DRAXIS announced that they have entered into an arrangement agreement whereby a wholly-owned subsidiary of Jubilant will acquire all the outstanding common shares of DRAXIS at a price of US$6.00 per share in cash by way of a plan of arrangement. The total value of this transaction is approximately US$255 million.

 

The purchase price represents a 22.4% premium over the closing price of DRAXIS’s shares on NASDAQ on April 3, 2008 and a 41.2% premium over the closing price of DRAXIS’s common shares on NASDAQ on March 13, 2008, the last trading day on NASDAQ prior to the request by securities regulators to explain increased trading in DRAXIS’s common stock on March 14, 2008.

 

5.                                       Full Description of Material Change

 

See press release attached.

 

6.                                       Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

 

Not applicable.

 

7.                                       Omitted Information

 

None.

 

8.                                       Executive Officer

 

For further information, please contact Alida Gualtieri, General Counsel and Secretary at [phone].

 

9.                                       Date of report

 

April 14, 2008

 

 

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