Business
Cosmos Health Enters Final Phase for the Acquisition of Cana Laboratories Following Conclusion of Stock Purchase Agreement
CHICAGO, IL / ACCESSWIRE / May 8, 2023 / Cosmos Health Inc. ("Cosmos Health" or "the Company") (NASDAQ:COSM), a global healthcare group with proprietary lines
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / May 8, 2023 / Cosmos Health Inc. (\"Cosmos Health\" or \"the Company\") (NASDAQ:COSM), a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, announced today that it has executed a Stock Purchase Agreement (\"SPA\") for, and has now entered the final phase for the acquisition of, Pharmaceutical Laboratories CANA S.A., (\"Cana\"), a Greek pharmaceutical company that manufactures, sells, distributes, and markets original branded products researched and developed by leading global pharmaceutical and healthcare companies.As previously announced, on February 28, 2023 the Company entered into a material definitive agreement with Cana. Cosmos Health injected €4.1 million into Cana, which will allow it to emerge as an entity with a robust balance sheet and a strong foundation for future growth. The next phase was the execution of an SPA, which has been successfully concluded. As a result, the Company has now entered the final phase of the acquisition process.Greg Siokas, Chief Executive Officer of Cosmos Health, stated: \"We are extremely pleased that we have now entered the final phase of the acquisition process of Cana and are proceeding according to plan. We anticipate that this transaction will be transformative for Cosmos by accelerating our growth plans, generating numerous synergies, strengthening our vertical integration, expanding our product portfolio, increasing our asset base with high quality real estate and an EU-licensed production facility certified by the European Medicines Agency to manufacture pharmaceuticals, supplements, cosmetics, biocides, and medical devices, and ultimately generating substantial, high-margin cash flows. We look forward to closing this acquisition as soon as possible as well as updating our investors on new projects and acquisitions in the pipeline, which are in line with our synergistic and strategic approach of investing in distressed and undervalued assets. We are committed to growing our Company as well as keep delivering on whatever we have announced.\"About Cosmos Health, IncCosmos Health Inc. (Nasdaq:COSM) is a global healthcare group that was incorporated in 2009 and is headquartered in Chicago, Illinois. Cosmos Health is engaged in the nutraceuticals sector th...