Tevogen Shares Take Further Beating On Gauging Deal With Apozel Pharmaceuticals

• The potential  transaction will be subject to multiple factors including the completion of due diligence, negotiation and execution of definitive documentation, required approvals, and satisfaction of customary closing conditions, the company said.
• While there is no guarantee that any transaction will materialize, Tevogen is also actively considering other transactions, the company said. 
• Last month, the company signed another letter of intent to evaluate a deal with a global contract research organization.
   

Shares of Tevogen (TVGN) closed 17% lower on Thursday after the company said that it has entered into a letter of intent to evaluate a deal with another pharmaceutical company called Apozel Pharmaceuticals.

If the deal goes through, it could provide Tevogen with an established generics platform, the company said. This includes 11 FDA-approved generic products for the U.S. market and others awaiting approval by the FDA or currently under development.

Shares of the company edged up 6% after hours.

Details Of The Deal

“Tevogen Generics was launched with the objective of supporting pharmaceutical affordability and domestic manufacturing in the United States. The potential acquisition of Apozeal represents a meaningful step toward that strategy,” Tevogen CEO Ryan Saadi said.  

The potential  transaction will be subject to multiple factors including the completion of due diligence, negotiation and execution of definitive documentation, required approvals, and satisfaction of customary closing conditions, the company said.

While there is no guarantee that any transaction will materialize, Tevogen is also actively considering other transactions, the company said, while expressing its interest in domestic generics, biosimilars, medical devices, and innovative insurance solutions for healthcare providers.

Last month, the company signed another letter of intent to evaluate a deal with a global contract research organization.

Earlier this week, the company also said that its Board has approved a reverse stock split of its common stock at a ratio of 50 for 1 to regain compliance with Nasdaq’s $1 minimum bid price requirement. The stock is expected to start trading on a split-adjusted basis on March 6.  

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around TVGN stock fell from ‘neutral’ to ‘bearish’ territory over the past 24 hours, while message volume remained at ‘high’ levels.

TVGN stock has erased nearly all of its value over the past 12 months. 

Read More: TNYA Pulls Back After Hours Following Significant $1.13B Deal-Spurred Rally

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