Cosmos Holdings, Inc. (NASDAQ:COSM) reported an emphatically higher share price Wednesday.
The international pharmaceutical company with a proprietary line of nutraceuticals and distributor of branded and generic pharmaceuticals, nutraceuticals, OTC medications and medical devices, today announced that it has entered into a binding letter of intent to acquire Pharmaceutical Laboratories CANA S.A.,a Greek pharmaceutical company that manufactures, sells, distributes, and markets original branded products researched and developed by leading global pharmaceutical and healthcare companies.
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.
Cana CEO Kosta Kanaroglou 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 fourth-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.
COSM shares gained four cents, or 7.9%, to 48.6 cents.
