Cosmos Health (COSM) said Monday it has entered into a distribution and promotion deal with Libytec Pharmaceutical for its type-2 diabetes medication DIABIT-IS X in Greece.

The company said its Cana Laboratories unit will provide the supply, while Libytec will manage distribution, medical information and promotional activities across Greece.

The five-year arrangement is projected to lift revenue and cash flow while positioning the business to introduce the product in additional European markets, the company added.

The medicine, which contains the active substance sitagliptin, is a generic version of Merck's (MRK) Januvia, Cosmos Health said.

Shares of the company were up 8.3% in Monday trading.

Price: 0.32, Change: +0.02, Percent Change: +8.27