UPDATE – Tevogen Signs Letter of Intent to Evaluate Potential Acquisition of HRK Healthcare LLC

WARREN, N.J., Oct. 08, 2026 (GLOBE NEWSWIRE) -- Tevogen Inc. (“Tevogen” or the “Company”) (Nasdaq: TVGN), an integrated healthcare enterprise combining biopharma, artificial intelligence, and healthcare services to improve the affordability and accessibility of life-saving medicines, today announced that it has entered into a signed, non-exclusive, non-binding Letter of Intent (“LoI”) to evaluate a potential transaction with HRK Healthcare LLC (“HRK”). 

If consummated, the proposed transaction could expand Tevogen’s healthcare infrastructure capabilities and support the Company’s evolution into a revenue-generating healthcare enterprise comprised of Tevogen Bio, its biopharma arm; Tevogen.AI, its technology arm; and, subject to completion of proposed transactions, a healthcare services arm that may include management services.

“I am pleased with Tevogen’s continued progress toward building an integrated healthcare enterprise,” said Dr. Manmohan Patel, MD, Tevogen’s lead investor. “The potential HRK transaction represents an opportunity to expand the Company’s healthcare services capabilities and advance its mission of improving the affordability and accessibility of life-saving medicines. If consummated, this opportunity, together with other strategic acquisition initiatives, could potentially pave Tevogen’s path to realizing approximately $100 million in combined annual revenue.”

“If the process progresses as anticipated, we are hopeful that the proposed transaction could close by the end of the fourth quarter of 2026. This reflects our current aspirations, and there can be no assurance regarding the timing or completion of any transaction,” said Ryan Saadi, MD, MPH Tevogen’s CEO.

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 and healthcare-related businesses; however, there can be no assurance that any such transaction will be consummated.

About Tevogen

Tevogen is a healthcare enterprise focused on improving the affordability and accessibility of life-saving medicines. The Company brings together three complementary efforts: Tevogen Bio, its biotechnology initiative; Tevogen.AI, its artificial intelligence and technology initiative; and Tevogen Healthcare Services, its emerging healthcare services initiative.

Together, these efforts are designed to create a more integrated healthcare model in which science, technology, and operational efficiency work together to reduce the cost of medication and expand patient access.

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