Business
Cosmos Health Extends and Updates its Agreement to Acquire Cana Laboratories, a European Pharmaceutical Company
Vertically Integrating its Manufacturing and R&D Capabilities and Expanding its Product Pipeline with New BrandsCHICAGO, IL / ACCESSWIRE / January 10, 2023 /
About this update from Cosmos Health Inc.
[{"type":"text","content":"Vertically Integrating its Manufacturing and R&D Capabilities and Expanding its Product Pipeline with New BrandsCHICAGO, IL / ACCESSWIRE / January 10, 2023 / Cosmos Health, Inc. (\"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 extended and updated its previously issued binding letter of intent to acquire 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.Cosmos Health has successfully renegotiated the acquisition price of Cana to achieve much improved payment terms. The updated letter of intent will remain effective until May 31, 2023.Greg Siokas, Chief Executive Officer of Cosmos Health stated, \"We are excited to hopefully bring Cana into Cosmos' family of products and services. This proposed acquisition exemplifies our commitment to grow via strategic M&As. Our recently strengthened balance sheet enables us to execute on our growth plans. We believe this acquisition would not only allow us to realize numerous synergies, but would also be transformative for Cosmos by strengthening our vertical integration and expanding our product portfolio. Cana's extensive commercial experience and diversified customer base will also prove to be invaluable as we continue relaunching and expanding several brands. Importantly, we are satisfied with the renegotiated price of the acquisition, as we are always looking to increase our returns on investment.\"Founded in 1928, Cana has manufactured and distributed a broad range of proprietary pharmaceutical and health related products. Furthermore, it has operated as a trusted partner of multinational pharmaceutical companies such as AstraZeneca, Janssen, Merck and Viatris as well as some of the largest Fast Moving Consumer Goods (FMCG) companies such as Nestle, Unilever and P&G. In the last decade, Cana Laboratories' activities also ventured into medical devices, representing major medical technology companies such as Medtronic, Stryker and others in the Greek market.Cana's 54,000 sq. ft owned production facility located in Athens, Greece, is li...