Cosmos Health Completes Acquisition of Pelofarm’s Pharmacy Distribution Network; Annual Revenue Poised to Grow by Over $5 Million
CHICAGO, IL / ACCESSWIRE / June 13, 2024 / 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 the successful closing of the acquisition of the pharmacy distribution network owned by PELOFARM Ι.Κ.Ε. (“Pelofarm”), an established pharmaceutical wholesale company operating in the region of Arcadia, Greece, since 1985.
This strategic bolt-on transaction, through the Company’s wholly-owned subsidiary CosmoFarm Pharmaceuticals S.A. (“CosmoFarm”), entails the acquisition of Pelofarm’s sales and distribution network, which currently serves more than 30 well-established pharmacies in Arcadia and surrounding areas in the central Peloponnese. Additionally, CosmoFarm is well-positioned to expand its reach to at least 20 more pharmacies in the region, leveraging enhanced service capabilities and synergies to ensure superior customer service.
Entering Arcadia marks a new territory for CosmoFarm, which currently focuses on the greater Athens market with its modern, state-of-the-art, 2,800-square-meter facility utilizing the most advanced technological systems such as A-Frame and ROWA, enabling automated procurement, inventory management, and order execution with speed and accuracy.
The addition of Pelofarm’s network is anticipated to increase the Company’s annual revenue by at least $5 million.
Greg Siokas, Chief Executive Officer of Cosmos Health, stated: “Over the past year, our logistics business, CosmoFarm, has been capturing increasing market share organically as well as through aggressive M&A. With the acquisition of Pelofarm, our annual revenue is expected to increase by more than $5 million. Importantly, this acquisition builds on the recently completed acquisitions of the distribution networks from Bikas GP last summer and Pharmatrade earlier this year. Collectively, we anticipate that these acquisitions will help us increase our annual revenue by over $15 million. We are actively pursuing additional acquisitions like Pelofarm to further accelerate our growth and solidify our path to sustained profitability”.
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe® and C-Sept®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, www.zipdoctor.co, as well as LinkedIn and X.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could”, are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
BDG Communications
cosm@bdgcommunications.com
+44 207 0971 653
SOURCE: Cosmos Health Inc.
View the original press release on accesswire.com
