Cosmos Holdings Inc (OTCQB:COSM), the Chicago-based wholesale pharmaceutical company, is on the acquisition trail again as it is acquiring Cosmofarm Ltd, a wholesale pharmaceutical group based in Athens, Greece.
The main line of work for Cosmofarm, which has been conducting business in Athens since 1983, is the purchase, sale and distribution of branded and generic medicines.
Under the deal’s terms, 100% of the shares of the privately-held Cosmofarm will be acquired by Cosmos.
“The acquisition of Cosmofarm allows us to expand our network and vertically integrate our operations for maximum sales opportunities, while benefitting from lowering our costs from an operational standpoint,” said Cosmos CEO Gregory Siokas.
Cosmos is a pharmaceutical wholesaler and exporter with offices and warehouses in Thessaloniki, Greece, and in Harlow, the UK. The company conducts business in 16 countries including Germany, the United Kingdom, Ireland, Denmark, Italy, France, Spain, Sweden, Poland, Netherlands, and Greece.
The company recently raised its profile, with the formal submission of an application to uplist its common stock to the Nasdaq Composite stock exchange from the OTCQB Venture market.
The uplisting, which is still subject to Nasdaq approval, would increase the liquidity of Cosmos stock and draw a wider audience of investors.
The closing of the Cosmosfarm acquisition is set to take place during the third quarter of this year. Financial details for the deal aren't being disclosed at this time.
Cosmofarm has a client network of more than 320 pharmacies and clinics, and over 250 vendors of pharmaceutical and wholesale companies.
Cosmos shares jumped 5.3% to US$6.75 on the news.