DRAXIS Health has reported that its previously announced plan of arrangement under the Canada Business Corporations Act, involving DRAXIS, its shareholders and Jubilant Acquisition, an indirect wholly-owned subsidiary of Jubilant Organosys of Noida, Israel, was approved by 99 percent of the votes cast by holders of DRAXIS’ common shares.

The arranged plan, when it becomes effective, will result in the acquisition by the purchaser of all the outstanding common shares of the DRAXIS for $255 million, according to the Montreal-based company.

Of the total common shares issued and outstanding, 77 percent were voted either in person or by proxy at the annual and special meeting of DRAXIS shareholders held April 23, the company said.