Tevogen Signs Letter of Intent to Evaluate Potential Acquisition of a Contract Research Organization

Rhea-AI Summary

Tevogen (Nasdaq: TVGN) announced a signed, non-exclusive, non-binding Letter of Intent dated Feb 27, 2026 to evaluate a potential acquisition of a global Contract Research Organization (CRO).

If completed, the transaction could expand clinical development capabilities, add revenue-generating services, and support a more capital-efficient growth model while remaining subject to due diligence and definitive agreements.

WARREN, N.J., Feb. 27, 2026 (GLOBE NEWSWIRE) -- Tevogen (“Tevogen Bio Holdings Inc.” or “Company”) (Nasdaq: TVGN) today announced that it has entered into a signed, non-exclusive, non-binding Letter of Intent (“LoI”) to evaluate a potential transaction with a distinguished global Contract Research Organization (“CRO”). If consummated, the proposed transaction could expand Tevogen’s clinical development capabilities and could support the Company’s evolution into a revenue-generating healthcare enterprise.

Dr. Ryan Saadi, Founder and Chief Executive Officer of Tevogen, stated, “The potential acquisition of a CRO could introduce revenue-generating service capabilities while allowing us to optimize trial execution internally. We believe this combination of operational control and service revenue may strengthen earnings visibility, support a more capital-efficient growth model, and enhance patient affordability.”

The proposed transaction remains subject to, among other things, completion of due diligence, negotiation and execution of definitive documentation, required approvals, and satisfaction of customary closing conditions.

Tevogen is also actively considering other transactions with a focus on life sciences-related businesses; however, there can be no assurance that any such transaction will be consummated.

About Tevogen

Tevogen is a socially integrated healthcare enterprise built on the principles of affordability, efficiency, and scientific rigor. The company leverages artificial intelligence and precision T cell therapy platforms, a patient-first and cost-disciplined operating model, and engagements with global technology leaders to support the development of advanced, life-saving therapies across multiple therapeutic areas and scalable solutions for the broader healthcare system.

Tevogen Bio, the company’s lead initiative, has completed a proof-of-concept clinical trial demonstrating the potential of its single-HLA-restricted, genetically unmodified allogeneic T cells. Tevogen Bio’s pipeline spans virology, oncology, and neurology, with programs built on the company’s proprietary ExacTcell™ platform.

Tevogen.AI is designed to transform drug development by accelerating target detection, helping reduce failure rates, and supporting optimized clinical trial design through proprietary predictive technologies. The platform utilizes cloud and data services from leading technology providers, including Microsoft and Databricks, to advance its long-term ambition to predict the proteome for any given protein–HLA combination, enabling rapid and cost-efficient therapeutic discovery.

Tevogen is exploring future strategic initiatives that may include domestic generics, biosimilars, medical devices, and innovative insurance solutions for healthcare providers. Together, these programs reflect Tevogen’s mission to advance sustainable innovation and broaden patient access through a faster, more efficient, and more equitable healthcare model.

Forward Looking Statements

This press release contains certain forward-looking statements, including without limitation statements relating to: the potential transaction and the potential benefits of the transaction; Tevogen’s plans for its research and manufacturing capabilities; expectations regarding future growth; expectations regarding the healthcare and biopharmaceutical industries; and Tevogen’s development of, the potential benefits of, and patient access to its product candidates for the treatment of infectious diseases and cancer. Forward-looking statements can sometimes be identified by words such as “may,” “could,” “would,” “expect,” “anticipate,” “possible,” “potential,” “goal,” “opportunity,” “project,” “believe,” “future,” and similar words and expressions or their opposites. These statements are based on management’s expectations, assumptions, estimates, projections and beliefs as of the date of this press release and are subject to a number of factors that involve known and unknown risks, delays, uncertainties and other factors not under the company’s control that may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations expressed or implied by these forward-looking statements.

Factors that could cause actual results, performance, or achievements to differ from those expressed or implied by forward-looking statements include, but are not limited to: risks inherent in diligence and negotiation of the proposed transaction; the risk that the transaction may not be consummated on favorable terms or at all; the risk that the expected benefits of the transaction may not be realized on a timely basis or at all; changes in the markets in which Tevogen competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; changes in domestic and global general economic conditions; the risk that Tevogen may not be able to execute its growth strategies or may experience difficulties in managing its growth and expanding operations; the risk that Tevogen may not be able to develop and maintain effective internal controls; the failure to achieve Tevogen’s commercialization and development plans and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of Tevogen to grow and manage growth economically and hire and retain key employees; the risk that Tevogen may fail to keep pace with rapid technological developments to provide new and innovative products and services or make substantial investments in unsuccessful new products and services; that Tevogen will need to raise additional capital to fully realize its business plans; risks related to the ability to develop, license or acquire new therapeutics; the risk of regulatory lawsuits or proceedings relating to Tevogen’s business; uncertainties inherent in the execution, cost, and completion of preclinical studies and clinical trials; risks related to regulatory review, approval and commercial development; risks associated with intellectual property protection; Tevogen’s limited operating history; and those factors discussed or incorporated by reference in Tevogen’s most recent Annual Report on Form 10-K and subsequent filings with the SEC.

You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Tevogen undertakes no obligation to update any forward-looking statements, except as required by applicable law.

Contacts

Tevogen Bio Communications
T: 1 877 TEVOGEN, Ext 701
Communications@Tevogen.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa22e271-a8d5-479c-b655-0c3be590c7b7

FAQ

What did Tevogen (TVGN) announce on Feb 27, 2026 about a potential CRO acquisition?

Tevogen announced a signed, non-exclusive, non-binding Letter of Intent to evaluate acquiring a global CRO. According to the company, the LoI triggers due diligence and further negotiation but does not bind either party to a definitive transaction at this stage.

How could the potential CRO acquisition affect Tevogen's (TVGN) business model and revenue?

The acquisition could introduce revenue-generating service capabilities and internalize trial execution. According to the company, this may improve earnings visibility and enable a more capital-efficient growth model while remaining subject to completion and approvals.

What conditions did Tevogen (TVGN) say must be met before the CRO deal can close?

The proposed transaction requires completion of due diligence, negotiation and execution of definitive documentation, required approvals, and customary closing conditions. According to the company, these steps are outstanding and no assurance of consummation exists.

Will the Feb 27, 2026 Letter of Intent for Tevogen (TVGN) guarantee immediate revenue?

No, the LoI does not guarantee immediate revenue or a completed acquisition. According to the company, any revenue generation depends on consummation, integration, and timing, all of which remain uncertain under the non-binding agreement.

Is Tevogen (TVGN) pursuing other transactions besides the CRO acquisition mentioned Feb 27, 2026?

Yes, Tevogen said it is actively considering other life sciences-related transactions in addition to the CRO LoI. According to the company, there is no assurance any additional transactions will be completed or materially affect operations.