Tevogen Bio, the New Jersey-based biotech firm, is set to list its shares on the NYSE in a special purpose acquisition company (SPAC) deal that would value the combined company at $1.2 billion.
The transaction, set to be completed in the fourth quarter of 2023, will establish the newly formed entity as Tevogen Bio Holdings Inc.
Tevogen’s common stock and warrants will be listed on the NYSE under the ticker symbol "TVGN."
The specialty immunotherapy biotech company is developing off-the-shelf, genetically unmodified T-cell therapeutics for virology, oncology, and neurology.
The merger is expected to provide Tevogen Bio with access to capital markets and expedite the development of its flagship product, TVGN 489, which targets critical gaps in COVID-19 treatments for vulnerable populations such as the immunocompromised, elderly, and infirm. Tevogen Bio also aims to investigate the potential of TVGN 489 in treating Long COVID.
The IPO is welcome news for biotech investors after the sector saw one of its worst-performing quarters in years.
One notable exception is Acelyrin, which successfully completed a $540 million IPO in the largest biotech IPO in the United States since early 2021.
More recently, clinical-stage biotechnology company Turnstone Biologics Corp has filed for an $86 million IPO on the Nasdaq.
That said, the biotech sector has witnessed only a limited number of listings thus far. Notable among these were Mineralys' successful raise of $192 million and Structure Therapeutics' listing which secured $161 million in February. In January, Genelux and Cadrenal Therapeutics (NASDAQ:CVKD) also managed to raise $15 million and $7 million, respectively.
Contact Angela at angela@proactiveinvestors.com
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