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Cosmos Holdings, Inc. (NASDAQ:COSM), an international pharmaceutical company with a proprietary line of nutraceuticals and distributor of branded and generic pharmaceuticals, nutraceuticals, OTC medications and medical devices, announced today that it has entered into a binding letter of intent to acquire Pharmaceutical Laboratories CANA SA(“Cana”) a Greek pharmaceutical company that manufactures, sells, distributes, and markets original branded products researched and developed by leading global pharmaceutical and healthcare companies.
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 licensed under European Good Manufacturing Practices (GMP) and certified by EMA to manufacture pharmaceuticals, food supplements, cosmetics, biocides and medical devices. It has a variety of production lines that can produce solids, orals, semi solids and liquids. The company is ISO 9001:2015 certified. Cana’s diversified customer base includes public & private hospitals, pharmacies, supermarkets, wholesalers, etc. Furthermore, its proprietary product portfolio includes pharmaceuticals, dermocosmetics, antiseptics, and food supplements, as well as an infant care organic product line, Biobebe.
Kosta Kanaroglou, CEO of Cana Laboratories, stated, “We are pleased to be joining the Cosmos team as they share our dedication to health and wellness, as well as our high quality product standards. Cana is a 4th generation family business with the vision to serve the community by developing, manufacturing and distributing products that offer innovative solutions to patients, while adhering to the highest standards of business ethics.This acquisition should allow Cana to grow its contract manufacturing customer base, reposition its existing product portfolio and invest in new proprietary products. We look forward to being part of the Cosmos family and assisting in the development and launching of innovative pharmaceutical products together.”
Greg Siokas, Chief Executive Officer of Cosmos Holdings, commented, “We welcome Cana to our group, an acquisition that delivers on our commitment to grow via strategic M&As. We believe this acquisition not only will allow us to realize numerous synergies but will also be a 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 execute on relaunching and expanding several brands. We look forward to working with Kosta Kanaroglou and his team to build upon Cosmos’ success.”
Additional details on the transaction will be available in the Company’s Form 8-K to be filed with the U.S. Securities and Exchange Commission.
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