Cosmos Holdings Inc (OTCQB:COSM) has closed its acquisition of Cosmofarm Ltd, a privately held pharmaceutical company based in Greece.
Established in 1994, Cosmofarm is a pharmaceutical wholesale company in Athens, which provides a comprehensive range of pharmaceutical products. Its core business focuses on sourcing and distributing branded and generic medicines, over-the-counter pharmaceuticals, food supplements and medical devices to more than 1,130 pharmacies.
READ: Cosmos posts 3Q profit and strong profit margins on booming drug sales and bolstered balance sheet
Cosmofarm conducts business with as many as 250 pharmaceutical manufacturers and wholesalers and reported sales of about $14 million for the 2017 fiscal year.
The financial details of the Cosmofarm acquisition haven’t been disclosed.
Cosmos Holdings CEO Gregory Siokas is bullish about the takeover and so are investors who sent Cosmos shares up by 9.4% to $3.50 in Friday’s morning trading session.
READ: Cosmos Holdings focuses on Europe as it expands its global wholesale pharmaceutical business
“We are excited to announce the closing of this acquisition and to have Cosmofarm’s talented team become part of Cosmos Holdings,” Siokas said. “Cosmofarm will play a key role in increasing sales of our SkyPremium Life product line to pharmacies."
Cosmofarm is in the process of relocating to a new 32,000 square foot facility that features a robotic fulfillment center and offers 20 times the capacity of its old warehouse, according to Siokas.
Cosmos Holdings Inc. is a pharmaceutical wholesaler with offices and warehouses in Thessaloniki, Greece and in Harlow, UK. The Chicago-based company conducts business in Germany, the United Kingdom, Ireland, the United Arab Emirates, Denmark, Italy, France, Singapore, Spain, Lebanon, Jordan, Sweden, Poland, the Netherlands, and Greece.
Contact Ellen Kelleher at ellen@proactiveinvestors.com