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                                                                    EXHIBIT 4.13

         LOAN AGREEMENT entered into in Montreal as of March 28, 2002.



AMONG:         DRAXIS PHARMA INC., a corporation having an office at 16751
               Trans-Canada, Kirkland, Quebec, H9H 4J4

               (the "Borrower")

AND:           SGF SANTE INC. a corporation having an office at 600 de la
               Gauchetiere Street, Suite 1700, Montreal, Quebec, H3B 4L8 ("SGF")

AND:           DRAXIS HEALTH INC. a corporation having an office at 6870 Goreway
               Drive, Mississauga, Ontario, L4V 1P1

               ("DHI" and collectively with SGF the "Lenders")


         WHEREAS the Borrower has requested the Lenders to make available to the
Borrower term loans in an initial principal amount of $9,139,335;

         WHEREAS the Lenders agreed to make such loans facilities available to
the Borrower.

         NOW, THEREFORE THE PARTIES AGREE AS FOLLOWS :

1.       INTERPRETATION

1.1      DEFINITIONS

         In this Agreement, unless the context otherwise requires,

         1.1.1    "Business Day" means a day on which the Lenders are open for
                  business in the Province of Quebec;

         1.1.2    "Capital Plan" means the capital plan of the Borrower annexed
                  as Schedule 1.1.2 and prepared by the Borrower and ratified on
                  March 28, 2002, as amended from time to time in accordance
                  with the Shareholders' Agreement;

         1.1.3    "EBITDA" means, for any fiscal period, the net income (or, as
                  the case may be, net loss) of the Borrower and its
                  consolidated subsidiaries determined in accordance with GAAP
                  (but excluding extraordinary items) increased by the sum of,
                  without duplication (i) the total of all items properly
                  classified as interest expense for such period in accordance
                  with GAAP, (ii) the aggregate of all taxes (including future
                  income taxes) based on the net income of the Borrower and its
                  consolidated subsidiaries

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                  for such period determined in accordance with GAAP; and (iii)
                  the aggregate of all depreciation, amortisation and other like
                  reductions to income of the Borrower and its consolidated
                  subsidiaries not involving or requiring an outlay of cash for
                  such period determined in accordance with GAAP;

         1.1.4    "Event of Default" has the meaning ascribed to such term in
                  Section 9.1;

         1.1.5    "First Term Credit" means the credit facility referred to in
                  Section 2.1.1 of this Agreement;

         1.1.6    "Free Cash Flow" means, for any fiscal period, (i) EBITDA for
                  such period, less (ii) an amount equal to any increase in
                  working capital for such period or plus an amount equal to any
                  decrease in working capital for such period, as the case may
                  be, less (iii) any capital expenditures made during such
                  period other than capital expenditures provided for in the
                  Capital Plan and in respect of which such plan provides for
                  funding of such capital expenditures from the proceeds of
                  financing from Investissement Quebec, DHI and SGF or
                  additional equity contributions, less (iv) an amount equal to
                  any payments of principal or interest made, or required to be
                  made, during such period on account of indebtedness of the
                  Borrower to the National Bank of Canada or Investissement
                  Quebec, and less (v) an amount equal to any payment made by
                  the Borrower on account of Large Corporation Tax;

         1.1.7    "GAAP" means accounting principles generally accepted by the
                  Canada Institute of Chartered Accountants, consistently
                  applied;

         1.1.8    "Indebtedness" means, at any time, the aggregate outstanding
                  amounts in Principal of the Indebtedness, interest, fees and
                  accessories owed by the Borrower pursuant to this Agreement;
                  "Principal of the Indebtedness" means the aggregate amounts of
                  the advances made by the Lenders hereunder, together with
                  amounts added thereto pursuant to Sections 4.2.1 and 4.2.2;

         1.1.9    "Maturity Date" shall mean March 28, 2007, or such later date
                  as the Lenders may agree;

         1.1.10   "Prime Rate" means the annual rate of interest announced from
                  time to time by the National Bank of Canada as its reference
                  rate then in effect for determining interest rates on Canadian
                  dollar commercial loans made in Canada;

         1.1.11   "Second Term Credit" means the credit facility referred to in
                  Section 2.1.2 of this Agreement;

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         1.1.12   "Security" means any and all security mentioned in Section
                  3.1.1 of this Agreement; "Security Agreements" means all
                  agreements and documents evidencing the Security or made in
                  relation thereto;

         1.1.13   "Shareholders' Agreement" means the amended and restated
                  unanimous shareholders' agreement entered as of the date
                  hereof among DHI, SGF, the Borrower, Dwight Gorham, Mohammed
                  Barkat and Michel Sauvageau;

         1.1.14   "Subscription Agreement"; means the Subscription Agreement
                  dated February 18, 2000 among the Borrower, SGF and DHI, as
                  such agreement may be amended from time to time;

         1.1.15   "Term Credits" means the First Term Credit, the Second Term
                  Credit and the Third Term Credit; and

         1.1.16   "Third Term Credit" means the credit facility referred to in
                  Section 2.1.3 of this Agreement.

1.2      ACCOUNTING TERMS AND EXPRESSIONS

         Unless otherwise provided, the accounting terms and expressions shall
have the meaning assigned to them under generally accepted accounting principles
in Canada and calculations shall be made according to the same principles.

1.3      HEADINGS

         The headings have been inserted for convenience only, and do not affect
in any way the interpretation of this Agreement.

1.4      APPLICABLE LAW

         This Agreement shall be governed by and construed in accordance with
the laws of the Province of Quebec and the laws of Canada applicable therein.

2.       THE CREDITS

2.1      THE TERM CREDITS

         2.1.1    Subject to the provisions of this Agreement, DHI makes
                  available to the Borrower a term credit (the "First Term
                  Credit") in the principal amount of $4,597,517;

         2.1.2    Subject to the provisions of this Agreement, DHI makes
                  available to the Borrower a term credit (the "Second Term
                  Credit") in the principal amount of $1,557,708, which may be
                  increased in accordance with the provisions of this Agreement;
                  and

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         2.1.3    Subject to the provisions of this Agreement, SGF makes
                  available to the Borrower a term loan (the "Third Term
                  Credit") in the amount of $2,984,110, which may be increased
                  in accordance with the provisions of this Agreement.

2.2      ADDITIONAL CREDIT

         DHI and SGF hereto agree that, inasmuch as credit conditions are
         reasonable, the Borrower will use senior debt from third party
         financing (through a renegociation of the Borrower's existing bank debt
         or otherwise on terms and conditions satisfactory to DHI and SGF) to
         fund the residual portion of the Capital Plan. In the event that such
         senior debt financing is not available, DHI and SGF agree to fund the
         residual portion of the Capital Plan with additional debt on the same
         terms and conditions as provided herein for the Second Term Credit and
         the Third Term Credit, up to a maximum amount of $2,372,182 in
         proportion to the then shareholdings of DHI and SGF in the Borrower, on
         a non-diluted basis. Such additional funding by DHI and SGF shall be
         made available to the Borrower as needed to ensure that the Capital
         Plan has been fully implemented by no later than December 31, 2003.

2.3      AVAILABILITY OF THE CREDITS

         The Term Credits shall not revolve and shall be available until the
         Maturity Date.

2.4      PURPOSE OF THE CREDITS

         The Borrower shall use the Term Credits to implement the Capital Plan.

3.       CONDITIONS PRECEDENT

3.1      CONDITIONS PRIOR TO THE FIRST DISBURSEMENT

         Prior to the disbursement of the Term Credits:

         3.1.1    the Borrower shall have provided the Lenders with a hypothec
                  on the universality of its property, which hypothec shall rank
                  only behind existing security granted in favour of National
                  Bank of Canada and Investissement Quebec;

         3.1.2    the Borrower shall have entered into a loan agreement with
                  Investissement Quebec providing for loans in the amount of
                  $4,800,000 on terms and conditions satisfactory to the
                  Lenders;

         3.1.3    DHI and SGF shall have subscribed for additional common shares
                  of the Borrower for an amount of not less than $6,286,000 in
                  the aggregate pursuant to a subscription agreement on terms
                  and conditions satisfactory to the Lenders;

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         3.1.4    the Borrower shall have obtained such consents and waivers
                  from National Bank of Canada and Investissement Quebec as may
                  be required by the Lenders;

         3.1.5    the Borrower shall have obtained such intercreditor agreements
                  as the Lenders may reasonably require;

         3.1.6    the Borrower shall provide the Lenders with a certificate of a
                  senior officer attesting that no Event of Default has occurred
                  and is continuing;

         3.1.7    the Lenders shall have obtained an opinion of counsel to the
                  Borrower on terms and conditions satisfactory to Lenders; and

         3.1.8    the Borrower shall have at all times respected and complied
                  within the obligations incumbent on it (i) pursuant to Article
                  3 of the unanimous shareholders' agreement entered into by and
                  among the Borrower, SGF, DHI, Dwight Gorham and Mohammed
                  Barket as of February 18, 2000 to which Michel Sauvageau
                  intervened on January 5, 2001 and (ii) pursuant to Article 5
                  of the Subscription Agreement.

3.2      BENEFIT OF THE FOREGOING SECTIONS

         The provisions of Section 3.1 are for the sole benefit of the Lenders
         and the Lenders may waive any of their rights thereunder.

4.       INTEREST

4.1      INTEREST RATE

         The Principal of the Indebtedness owed under the Term Credits shall
         bear interest, before and after maturity, at the Prime Rate in effect
         from time to time, plus 1.50%.

4.2      INTEREST ACCRUAL AND PAYMENT

         Interest on the Term Credits shall accrue and be paid as follows:

         4.2.1    from the date of this Agreement until December 31, 2002,
                  interest shall accrue and be capitalised quarterly such that
                  it shall form part of the Principal of the Indebtedness;

         4.2.2    from January 1, 2003 until December 31, 2003, interest on the
                  Term Credits shall accrue quarterly and shall be payable prior
                  to March 31, 2004 from Free Cash Flow, up to a maximum amount
                  of 50% of Free Cash Flow for the period from January 1, 2003
                  to December 31, 2003 provided that, to the extent that the
                  interest so accrued has not been paid on such date, such
                  unpaid interest shall be capitalised and form part of the
                  Principal of the Indebtedness; and

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         4.2.3    for the period from January 1, 2004 until the Maturity Date,
                  interest shall accrue and be payable quarterly in arrears.

4.3      Any amount payable hereunder, including fees and expenses, which is not
         paid when due shall bear interest at the rate set forth in Section 4.1
         and such interest on arrears is payable on demand.

4.4      CALCULATION OF RATES

         4.4.1    Any rate of interest under this Agreement is calculated daily
                  on the basis of a 365-day year.

         4.4.2    For the purposes of the INTEREST ACT (Canada), in the case of
                  a leap year, the annual rate to which a rate calculated on the
                  basis of 365 days is equivalent, is equal to the rate so
                  calculated multiplied by 366 and divided by 365.

5.       REPAYMENTS

5.1      MANDATORY PAYMENTS

         5.1.1    The Indebtedness is repayable in full on the Maturity Date;

         5.1.2    From and after March 31, 2004, until the Maturity Date, the
                  Principal of the Indebtedness under the Term Credits is
                  repayable from that portion of 50% of the Free Cash Flow
                  calculated for each annual period beginning with the year
                  ending December 31, 2003 until the Maturity Date which is not
                  applied to the repayment of interest pursuant to Section
                  4.2.2. Such payment is due no later than March 31 of the year
                  following the year in respect of which the Free Cash Flow is
                  calculated; and

         5.1.3    The Indebtedness shall also be repayable immediately upon the
                  Lenders demanding payment of same further to the occurrence of
                  an Event of Default.

5.2      OPTIONAL PAYMENTS

         Subject to Section 11.1, the Principal of the Indebtedness may be
         repaid by the Borrower at any time in whole or in part without penalty
         after receipt by the Lenders of a twenty day written notice to that
         effect. However, all unpaid and accrued interest must first be paid in
         full before any Principal.

5.3      IMPUTATION OF PAYMENTS

         All payments of principal, interest, fees and expenses by the Borrower
         shall be made and imputed to the Lenders prorata the Principal of the
         Indebtedness owed to them under the Term Credits.

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6.       PLACE OF PAYMENT

         Any payment shall be made to the relevant Lender at its address
         indicated on the first page of this Agreement, or at any other place
         notified by such Lender to the Borrower.

7.       REPRESENTATIONS

         The Borrower represents that:

7.1      POWERS

         It is a duly incorporated and validly existing corporation, in good
         standing under the corporate laws governing it, and has taken all
         corporate action necessary to authorize the execution and delivery of
         this Agreement and the performance of its obligations hereunder.

7.2      DEFAULTS

         It is not in default under any contract to which it is party or under
         the laws and regulations applicable to its business, except for
         default, if any, which could not materially and adversely affect its
         financial situation, its ability to carry on its business or its
         ability to fulfil its obligations under this Agreement.

7.3      DISPUTES

         There is no litigation or legal proceedings pending or threatened
         against the Borrower which could materially and adversely affect its
         financial situation, its ability to carry on its business or its
         ability to fulfil its obligations under this Agreement.

7.4      PROPERTY

         The Borrower owns all of its assets by good and valid title, free and
         clear of all hypothecs, security interests, liens and other
         encumbrances of any kind, except for the hypothecs granted in favour of
         National Bank of Canada and in favour of Investissement Quebec, as more
         fully described in Schedule 7.4.

8.       DEFAULTS

8.1      EVENTS OF DEFAULT

         Each of the following events is an event of default ("Event of
         Default"):

         8.1.1    if the Borrower fails to pay when due the whole or any part of
                  the Principal of the Indebtedness;

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         8.1.2    if the Borrower fails to pay any other amount payable to the
                  Lenders pursuant to this Agreement or otherwise and if such
                  failure continues for 10 Business Days;

         8.1.3    if the Borrower is in default under any other agreement for
                  the borrowing of money and such default is not cured or waived
                  by the Lenders;

         8.1.4    if the Borrower becomes insolvent or bankrupt or subject to
                  any insolvency or bankruptcy law or if it ceases to carry on
                  its business;

         8.1.5    if the assets of the Borrower, or any substantial part
                  thereof, are seized (except if such seizure is contested in
                  good faith within ten days and for so long as such
                  contestation lasts), or are subject to an hypothecary recourse
                  by a creditor, or are placed under sequestration, receivership
                  or guardianship, or if a liquidator is appointed in respect of
                  the Borrower;

         8.1.6    if the Borrower amalgamates or merges with another corporation
                  without the prior written consent of the Lenders, or initiates
                  proceedings for its corporate dissolution or winding-up;

         8.1.7    if any of the representations made by the Borrower in this
                  Agreement or if a document supplied by the Borrower in
                  connection or in execution to this Agreement proves to be
                  erroneous or inaccurate in any material adverse respect;

         8.1.8    if the Borrower otherwise fails to fulfil any of its
                  obligations or undertakings under this Agreement or any of the
                  Security Agreements and if such failure is not remedied within
                  15 Business Days after a notice of such failure is given to
                  the Borrower by a Lender; or

         8.1.9    if there occurs a default or a breach of a representation and
                  warranty of the Borrower under the Subscription Agreement or
                  under the subscription agreement entered into between the
                  Borrower and the Lenders on the date hereof and that such
                  default or breach is not waived by SGF.

8.2      REMEDIES

         Upon the occurrence of an Event of Default, the Lenders may:

         8.2.1    upon giving a notice to the Borrower, terminate the right of
                  the Borrower to use the Term Credits, demand immediate payment
                  of the whole or part of the Indebtedness and same shall become
                  payable immediately; and

         8.2.2    exercise all their legal rights and remedies.

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8.3      ABSENCE OF SOLIDARITY

         It is hereby stipulated for greater clarity that there shall be no
         solidarity between the Lenders and that each Lender shall at all times
         retain the right to exercise alone its rights and recourses under this
         Agreement, DHI being the sole Lender of the First Term Credit and of
         the Second Term Credit and SGF being the sole Lender of the Third Term
         Credit.

9.       MISCELLANEOUS

9.1      BOOKS AND ACCOUNTS

         The Lenders may keep books and accounts evidencing the Indebtedness and
         the transactions made pursuant to this Agreement. Such books and
         accounts shall, in the absence of manifest error, be deemed to
         represent accurately the Indebtedness and these transactions.

9.2      UNASSIGNABILITY

         The Borrower may not assign its rights or the amounts to be received
         under this Agreement.

9.3      EXPENSES

         The Borrower shall pay, upon demand, all reasonable expenses incurred
         by the Lenders in connection with this Agreement and the Security
         Agreements and the exercise of the rights resulting therefrom,
         including fees and expenses of counsel to the Lenders.

9.4      NO WAIVER

         The failure of a Lender to exercise any of its rights shall not
         constitute a waiver to exercise such right in the future.

9.5      NON-BUSINESS DAY

         If a payment must be made on a day which is not a Business Day, this
         payment may be made on the following Business Day.

9.6      PREVIOUS AGREEMENTS

         This Agreement supersedes any previous agreement in connection with the
         credits.

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9.7      SEVERABILITY

         In the event that any provision of this Agreement is held invalid or
         unenforceable, such invalidity or unenforceability shall not affect the
         validity or enforceability of the remainder of this Agreement.

10.      NOTICES

10.1     FORWARDING

         Unless indicated otherwise, any notice that a party must give to the
         other shall be in writing, and shall be either delivered, or forwarded
         by registered mail or transmitted by telecopier, at the Following
         address or at any other address which may be notified by a party to the
         other in accordance with this Article 10:

         IN THE CASE OF THE BORROWER:

         DRAXIS PHARMA INC.
         16751 Trans-Canada,
         Kirkland, Quebec
         H9H 4J4

         Attention:  President
         Fax: (514) 694-3841

         IN THE CASE OF THE LENDERS:

         SGF SANTE INC.
         c/o Societe Generale de Financement du Quebec
         600, de la Gauchetiere Street,
         Suite 1700
         Montreal, Quebec
         H3B 4L8

         Attention: The Secretary
         Fax: (514) 395-8055

         AND

         DRAXIS HEALTH INC.
         6870 Goreway Drive
         Mississauga, Ontario
         L4V 1P1

         Attention: The Secretary
         Fax: (905) 677-5494

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10.2     RECEIPT

         Any such notice shall be deemed to have been received by its addressee
         at the time of its delivery, if delivered, or the third Business Day
         following its mailing, if it is forwarded by registered mail, or, when
         transmitted by telecopier, on the Business Day following the actual
         receipt thereof. If mail or telecopier services are interrupted by a
         strike, slowdown, force majeure, or any other cause, the party giving
         the notice shall use service which is not interrupted or it shall
         deliver the notice in question, the whole in a manner to ensure the
         receipt of the notice by the party to whom it is sent.

11.      CONVERSION OF DEBT

11.1     Each Lender shall have the right, upon providing 15 Business Days prior
         written and irrevocable notice to the Borrower and the other Lender, to
         exercise its right to convert the whole or a portion only of the
         Indebtedness due to it under the Term Credits into common shares of the
         Borrower. The sending of said notice by a Lender within the 20 day
         period referred to in Section 5.2 shall render void any prior notice
         given by the Borrower respecting optional payments pursuant to Section
         5.2, but only with respect to such Lender.

11.2     Conversions made pursuant to Section 11.1 shall be made on the basis of
         a conversion price of $1.80 per common share in respect of the First
         Term Credit and $2.00 per common share in respect of the Second and
         Third Term Credits.

11.3     The Borrower shall issue share certificates representing the common
         shares issued pursuant to this Agreement within the delay referred to
         in Section 11.1.

11.4     No fractional shares shall be issued by the Borrower pursuant to the
         exercise by the Lender of its right to convert the Indebtedness into
         common shares of the Borrower pursuant to this Agreement.

11.5     In the event that the common shares of the Borrower are subdivided,
         consolidated, converted or reclassified by the Borrower, or that any
         other action of a similar nature affecting such common shares is taken
         by the Borrower, then the conversion price provided for in Section 11.2
         of this Agreement shall be appropriately increased or decreased.

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         AND THE PARTIES HAVE SIGNED AT THE PLACE AND AT THE DATE SET FORTH ON
THE FIRST PAGE OF THIS AGREEMENT.



                                           DRAXIS PHARMA INC.


                                           Per:   /s/ Douglas M. Parker
                                                  ------------------------------
                                                  Douglas M. Parker
                                                  Secretary


                                           SGF SANTE INC.


                                           Per:   /s/ Gerald Andre
                                                  ------------------------------
                                                  Gerald Andre
                                                  Vice-President


                                           Per:   /s/ Michel Sainte-Marie
                                                  ------------------------------
                                                  Michel Sainte-Marie
                                                  Secretaire adjoint


                                           DRAXIS HEALTH INC.


                                           Per:   /s/ Jim A.H. Garner
                                                  ------------------------------
                                                  Jim A.H. Garner
                                                  Senior Vice-President, Finance
                                                  and Chief Financial Officer