Cosmos Health (NASDAQ: COSM) stock soared during intraday trading Friday after the pharmaceutical company secured a distribution agreement with Pharmalink.
Cosmos Health announced on Thursday that it has entered into an exclusive distribution agreement with Pharmalink for its Sky Premium Life products in the United Arab Emirates (UAE).
Under this agreement, Pharmalink will take charge of essential functions including sales, marketing, regulatory affairs, logistics, supply, and distribution of Sky Premium Life products throughout the UAE. The initial phase involves a significant purchase order of 130,000 units from Pharmalink, with anticipated orders exceeding 500,000 units in the first year and surpassing 3,000,000 units over the next five years.
Pharmalink, led by CEO Dr. Abdul Rauf Jabour, is one of the UAE’s largest healthcare organizations with over 30 years of industry experience. Employing 1,400 professionals and boasting a network of 120 partners, the company commands a portfolio of 430 brands and access to over 3,000 pharmacies, including its MEDICINA chain of approximately 200 operational pharmacies. Pharmalink’s extensive infrastructure positions it favorably to facilitate Cosmos Health’s entry and growth in the UAE’s lucrative nutritional supplements market.
Dr. Abdul Rauf Jabour, CEO of Pharmalink, stated:
“We are extremely excited to partner with Cosmos Health, and particularly with Greg Siokas, to bring Sky Premium Life products to the UAE market. We believe this will be the starting point for a very successful, long-lasting relationship.”
Greg Siokas, CEO of Cosmos Health, stated:
“We are thrilled to announce our agreement with Pharmalink. This partnership will enable us to launch our Sky Premium Life products dynamically in the UAE, especially in affluent markets such as Dubai and Abu Dhabi. We project receiving purchase orders exceeding 3 million units over the next five years and look forward to expanding our collaboration with Pharmalink.”
Cosmos Health (NASDAQ: COSM) Stock Price Action
COSM stock surged 53.17% on Friday, closing at $1.04, marking a 54.28% increase for the week. The trading volume was 81,304,248 shares, significantly higher than the average daily volume of 1.48 million.
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