Cosmos Health Inc. (NASDAQ: COSM) said it signed an exclusive five-year distribution agreement with Saudi Arabia-based Innova Healthcare for its Sky Premium Life food supplements. The deal covers pharmacies, retail shops, and online platforms in the kingdom, with Innova handling product registration, distribution, promotion, logistics, and sales.
The initial five-year term includes an option to renew for an additional five years, and includes a first right of refusal for Innova to distribute any new Cosmos Health products developed, manufactured, or acquired during the agreement period. An initial purchase order of 126,000 units was secured upon execution, with Cosmos Health expecting orders of more than 5 million units over the five-year term, subject to market conditions and retail network expansion.
Innova Healthcare, majority-owned by Saudi asset manager Alkhabeer Capital, operates over 250 pharmacies across the kingdom under multiple banners and employs more than 1,000 people. Alkhabeer Capital manages approximately $2.5 billion in assets under management. Other shareholders in Innova Healthcare include Tamer Group and Cigalah Group, each holding a 12.5% stake.
Cosmos Health, incorporated in Nevada in 2009, owns a portfolio of pharmaceutical and nutraceutical brands and manufactures products through its European Union subsidiary Cana Laboratories S.A. The company also distributes pharmaceuticals via subsidiaries in Greece and the UK.
