Business
Cosmos Health Successfully Closes Acquisition of Assets from I. Bikas GP; Annual Revenue Projected to Grow by over $10 Million
CHICAGO, IL / ACCESSWIRE / June 16, 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 / June 16, 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 the successful closing of the acquisition of the distribution network owned by I.Bikas General Partnership (\"Bikas\"), an established pharmaceutical company that has been operating in Greece since 1986.This strategic bolt-on transaction, through inclusion into the distribution network operated by the Company's wholly-owned subsidiary CosmoFarm Pharmaceuticals S.A. (\"CosmoFarm\"), entails the acquisition of Bikas's robust sales and distribution network for pharmaceutical and para-pharmaceutical products. The network, which currently generates an approximate annual turnover of $6.7 million (€6.2 million), encompasses 50 well-established pharmacies that cater to the everyday needs of individuals. This acquisition aims to further enhance efficiency and generate synergies with CosmoFarm's existing state-of-the-art facility, which leverages robotic technologies to automate procurement, inventory management, and order execution, thereby delivering an even higher level of service to pharmacies. Due to the expanded service coverage by Cosmos Health, the network is poised for substantial growth, projected to generate annual revenue surpassing $10 million.Greg Siokas, Chief Executive Officer of Cosmos Health, stated: \"We are delighted to announce the successful acquisition of this valuable asset. Continuing with the steady pace of our acquisition strategy, this signifies another step in our well-devised expansion roadmap that is unfolding according to plan. Through this strategic transaction, we expect to increase efficiency and create synergies with our existing CosmoFarm facility, as well as expand and diversify our customer base. Our annual revenue is projected to increase substantially by over $10 million, representing a more than 20% increase compared to FY 2022 levels. This represents another significant advancement for us as we strive to strengthen our position in the pharmaceutical industry and establish a diversified global healthcare group. We also eagerly look forward to completing the anticipated acquisitions of Cana Laboratories and Docpha...