Business
Cosmos Health Enters into a Material Definitive Agreement with Cana Laboratories
CHICAGO, IL / ACCESSWIRE / March 7, 2023 / Cosmos Health Inc. ("Cosmos Health" or "the Company") (Nasdaq:COSM), a global healthcare group with proprietary
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / March 7, 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 entered into a material definitive agreement with 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.This material definitive agreement is pursuant to the Binding Letter of Intent dated July 19, 2022, and amended on January 10, 2023, which was entered into by Cosmos Health, applicable Cana entities, and Cana shareholders. On February 28, 2023, 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 is the execution of a Stock Purchase Agreement to be concluded no later than March 31, 2023.Greg Siokas, Chief Executive Officer of Cosmos Health, commented, \"We are extremely excited to be one step closer to welcoming Cana to our group, an acquisition that will deliver on our commitment to grow via strategic M&As. The successful execution of this transaction is a testament to our financial strength, as evidenced by our strong balance sheet with a solid cash position and minimal debt. We anticipate that this transaction will not only generate numerous synergies, but will also be transformative for Cosmos by strengthening our vertical integration and expanding our product portfolio. This is an important milestone for our group as it is expected to accelerate our growth plans, enabling us to expand our partnerships, enter new business segments, and gain ownership of attractive unencumbered real estate that houses Cana's EU-licensed production facility certified by the European Medicines Agency to manufacture pharmaceuticals, supplements, cosmetics, biocides, and medical devices. Furthermore, this acquisition would bolster our portfolio of proprietary brands beyond our existing product lines \"Sky Premium Life\" and \"Mediterranation\" which are currently enjoying substantial growth. Additionally, Cana's extensive commercial experience ...