Business
Cosmos Health Completes Acquisition of Pelofarm's Pharmacy Distribution Network; Annual Revenue Poised to Grow by Over $5 Million
CHICAGO, IL / ACCESSWIRE / June 13, 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 / June 13, 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 the successful closing of the acquisition of the pharmacy distribution network owned by PELOFARM Ι.Κ.Ε. (\"Pelofarm\"), an established pharmaceutical wholesale company operating in the region of Arcadia, Greece, since 1985.This strategic bolt-on transaction, through the Company's wholly-owned subsidiary CosmoFarm Pharmaceuticals S.A. (\"CosmoFarm\"), entails the acquisition of Pelofarm's sales and distribution network, which currently serves more than 30 well-established pharmacies in Arcadia and surrounding areas in the central Peloponnese. Additionally, CosmoFarm is well-positioned to expand its reach to at least 20 more pharmacies in the region, leveraging enhanced service capabilities and synergies to ensure superior customer service.Entering Arcadia marks a new territory for CosmoFarm, which currently focuses on the greater Athens market with its modern, state-of-the-art, 2,800-square-meter facility utilizing the most advanced technological systems such as A-Frame and ROWA, enabling automated procurement, inventory management, and order execution with speed and accuracy.The addition of Pelofarm's network is anticipated to increase the Company's annual revenue by at least $5 million.Greg Siokas, Chief Executive Officer of Cosmos Health, stated: \"Over the past year, our logistics business, CosmoFarm, has been capturing increasing market share organically as well as through aggressive M&A. With the acquisition of Pelofarm, our annual revenue is expected to increase by more than $5 million. Importantly, this acquisition builds on the recently completed acquisitions of the distribution networks from Bikas GP last summer and Pharmatrade earlier this year. Collectively, we anticipate that these acquisitions will help us increase our annual revenue by over $15 million. We are actively pursuing additional acquisitions like Pelofarm to further accelerate our growth and solidify our path to sustained profitability\".About Cosmos Health Inc.Cosmos Health Inc. (Nasdaq:...