Tevogen CEO Ryan Saadi said in a letter to shareholders on Friday that the company is “actively evaluating” potential acquisitions to drive value.

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“If consummated, these transactions are expected to operate as subsidiaries of Tevogen resulting in positive cash flow generation and a return on invested capital over time,” the CEO said.

As per the CEO, the combined entities under consideration for acquisition may generate aggregate annual revenues in excess of $50 million. The announcement comes on the heels of the company announcing that it has entered into a letter of intent to evaluate a deal with another pharmaceutical company called Apozel Pharmaceuticals.

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