CHICAGO - Cosmos Health Inc. (NASDAQ:COSM), a global healthcare company, announced today the completion of a significant acquisition, purchasing licenses and rights to a portfolio of 10 generic drugs for approximately $3.5 million. This move aims to bolster Cosmos Health's pharmaceutical offerings with treatments targeting diabetes, cholesterol, respiratory, and cardiac conditions.
The acquired portfolio includes drugs such as ASTO-CHOL (Pravastatin) for cholesterol, Diorium (Omeprazole) for stomach issues, and HEART-FREE (Clopidogrel) for heart-related problems, among others. All medicines will be produced by Cana Laboratories, a wholly-owned subsidiary of Cosmos Health.
The acquisition, which was initially disclosed on December 20, 2023, is seen as a strategic step for Cosmos Health to expand its global market presence and diversify its revenue streams. The company's CEO, Greg Siokas, expressed enthusiasm about the acquisition's potential to capture a more substantial share of the global generic drug market, which Vantage Market Research valued at $411.99 billion in 2022 and projected to reach $613.34 billion by 2030.
Cosmos Health, established in 2009, has a diverse healthcare portfolio that includes proprietary pharmaceutical and nutraceutical brands. It also operates a telehealth platform through Texas-based ZipDoctor, Inc. The company has manufacturing facilities in the European Union and distribution centers across Europe and North America.
The global healthcare group is a vertically integrated entity, with capabilities ranging from drug development to marketing and sales. This acquisition is aligned with its goal to transition into a comprehensive pharmaceutical company.
This announcement is based on a press release statement.
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