Tevogen to go public in $1.2bn SPAC deal

There could soon be a TVGN ticker on the New York Stock Exchange (NYSE), after Tevogen Bio revealed plans of a billion-dollar deal to combine with special purpose acquisition company (SPAC) Semper Paratus Acquisition Corporation.

The New Jersey, US-based biotech company expects the value of the merger to be approximately $1.2bn and the combined company will trade under the name Tevogen Holdings. The transaction is pegged to be completed in the fourth quarter of 2023.

Tevogen Bio currently has a pipeline investigating T cell therapy. Its proprietary technology platform – ExacTcell – uses CD8+ cytotoxic T lymphocytes (CTLs) and uses the body’s native T cell receptor pool to provide enhanced safety.

In January 2023, the company reported positive data from its lead candidate TVGN 489 for the treatment of Covid-19 in high-risk patients. In the statement announcing public listing intention, Tevogen Bio said it will target therapies for non-viral-induced common cancers and multiple sclerosis upon completion of the transaction.

The transaction will also help the company pursue several late-stage trials and expand its manufacturing capacity.

The biotech industry has been in a lull of initial public offerings, and 2023 has seen fundraising difficulties amidst rising inflation.

“Tevogen Bio’s goal is to provide access to the vast and unprecedented potential of personalised immunotherapies for large patient populations impacted by common cancers and viral infections,” Tevogen Bio’s founder and CEO, Dr Ryan Saadi said.

“Tevogen Bio’s rapid growth from concept to a fully operational biotech company in less than 24 months is the result of ambitious goals and well-executed strategies by its highly motivated and skilled team of experts,” said Semper Paratus ‘s CEO Suren Ajjarapu.

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