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Cosmos Health Enters into Definitive Agreement to Acquire Type-2 Diabetes Treatment DIABIT-IS X
CHICAGO, IL / ACCESSWIRE / December 20, 2023 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / December 20, 2023 / 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 entered into a definitive agreement, subject to customary closing conditions, with a related party to acquire the license and rights for \"DIABIT-IS X\", a drug used in the treatment of type-2 diabetes.DIABIT-IS X is one the first generics to be launched in Europe following the European patent expiration in June 2024 of the branded \"Januvia\" owned by Merck. Januvia, along with its sister drug Janumet, generated combined global sales of $4.5 billion in 2022, and is approaching the expiration of its primary patent, held by Merck. In this context, Cosmos Health, as one of the first movers through the acquisition of DIABIT-IS X, is well-positioned to capture a significant share of the European market.DIABIT-IS X is a medicine that contains the active substance sitagliptin. It will be available in tablets to be used in patients with type-2 diabetes to improve the control of blood glucose (sugar) levels. Type-2 diabetes occurs when the pancreas doesn't produce enough insulin or the body doesn't use insulin properly. DIABIT-IS X, containing sitagliptin, inhibits the breakdown of incretin hormones which stimulate insulin production after meals. Sitagliptin boosts insulin when blood glucose is high and doesn't activate at normal blood sugar levels. It also helps reduce liver glucose production, assisting in blood glucose regulation for type-2 diabetes management.Greg Siokas, Chief Executive Officer of Cosmos Health, stated: \"We are expanding into new markets to enhance and diversify our revenue streams. We are pleased to announce a definitive agreement to acquire DIABIT-IS X, which positions Cosmos as one of the first companies to launch a generic Type-2 diabetes medicine in Europe. Considering the multi-billion-dollar market size, we anticipate generating substantial profits from this investment.\"About Cosmos Health Inc.Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Chicago, Illinois, is a diversified, vertically integrated global healthca...