Cosmos Health Signs Agreement To Treat Type-2 Diabetes

A related party has reached a definitive agreement with Cosmos Health Inc., a Chicago-based diversified, vertically integrated global healthcare group that engages in innovative research and development, owns proprietary pharmaceutical and nutraceutical brands, manufactures and distributes healthcare products, and runs a telehealth platform, to acquire the license and rights for "DIABIT-IS X," a medication used to treat type-2 diabetes. The agreement is subject to customary closing conditions.

DIABIT-IS X is one the first generics to be launched in Europe following the European patent expiration in June 2024 of the branded "Januvia" owned by Merck. Januvia, along with its sister drug Janumet, generated combined global sales of $4.5 billion in 2022, and is approaching the expiration of its primary patent, held by Merck. In this context, Cosmos Health, as one of the first movers through the acquisition of DIABIT-IS X, is well-positioned to capture a significant share of the European market, as per pharmabiz.

The medication DIABIT-IS X has sitagliptin as its active ingredient. It will be offered in tablet form so that individuals with type-2 diabetes can better regulate their blood glucose (sugar) levels. Type-2 diabetes is brought on by insufficient insulin production by the pancreas or improper insulin utilisation by the body. With its sitagliptin content, DIABIT-IS X prevents the incretin hormones that promote the creation of insulin after meals from being broken down. 

Greg Siokas, chief executive officer of Cosmos Health, stated: "We are expanding into new markets to enhance and diversify our revenue streams. We are pleased to announce a definitive agreement to acquire DIABIT-IS X, which positions Cosmos as one of the first companies to launch a generic Type-2 diabetes medicine in Europe. Considering the multi-billion-dollar market size, we anticipate generating substantial profits from this investment."