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Cosmos Health Bolsters Presence in $400Bn+ Global Generic Drugs Market with $3.5M Acquisition of 10-Drug Portfolio
CHICAGO, IL / ACCESSWIRE / January 18, 2024 / Cosmos Health Inc. ("Cosmos Health" or the "Company") (NASDAQ:COSM), a diversified, vertically integrated global
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / January 18, 2024 / Cosmos Health Inc. (\"Cosmos Health\" or the \"Company\") (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that it has successfully completed the acquisition of the licenses and rights of a comprehensive portfolio of 10 generic drugs from a related party for €3.2 million, or approximately $3.5 million at today's exchange rate.This strategic acquisition significantly enhances Cosmos Health's pharmaceutical portfolio. The selected drugs have been chosen for their efficacy in addressing a variety of health issues, including treatments for diabetes, cholesterol, respiratory, and cardiac conditions, among other critical health areas. This diverse selection underlines Cosmos Health's unwavering commitment to providing diverse medical needs through comprehensive, patient-centric healthcare solutions, catering to the specific needs of patients across multiple medical domains. All medicines will be manufactured at the facilities of the Company's wholly-owned subsidiary, Cana Laboratories.The portfolio of drugs includes 1) ASTO-CHOL and its variant ASTO-CHOL 2 (Pravastatin), 2) Diorium (Omeprazole), 3) HEART-FREE (Clopidogrel), 4) the LIPICHOL series with LIPICHOL and LIPICHOL 2 (Atorvastatin), 5) Miltus and Miltus 2 (Donepezil), 6) Newzypra and Newzypra 2 (Olanzapine), 7) the PNEUMO-KAST series with PNEUMO-KAST, PNEUMO-KAST 2, and PNEUMO-KAST 3 (Montelukast), 8) Sahar and Sahar 2 (Pioglitazone), and 9) VIVALCID and VIVALCID 2 (Leucovorin). Also included in the portfolio are Diabit-is and Diabit-is 2 (Sitagliptin), in accordance with the definitive agreement announced on December 20, 2023.A Table is provided below that lists all drugs included in the acquired portfolio along with their respective purposes.According to Vantage Market Research, the Global Generic Drugs Market was valued at $411.99 billion in 2022 and is projected to reach $613.34 billion by 2030, representing a Compound Annual Growth Rate (CAGR) of 5.10% throughout the forecast period.Greg Siokas, Chief Executive Officer of Cosmos Health, stated: \"We are thrilled to announce the acquisition of a truly compre...