Tevogen Bio Holdings Inc. (NASDAQ: TVGN) announced it is conducting an advanced-stage evaluation of a contract research organization with multi-country operations and established relationships in oncology, rare diseases, and medical devices.

The potential acquisition would generate more than $20 million in annual revenue and support double-digit growth beginning next year, according to the company's statement. The target CRO operates across multiple countries and maintains established client relationships in specialized therapeutic areas.

Tevogen Bio described the transaction as part of its strategy to evolve into a more diversified, revenue-generating healthcare enterprise. The company stated the combination would bring together organizations with complementary expertise and global reach focused on complex therapeutic areas.

"I am pleased with the rapid progress towards a cash flow positive healthcare enterprise," said Tevogen Bio CEO Dr. Ryan Saadi. "With the advanced-stage evaluation of this CRO, alongside additional acquisition opportunities under review, there may be potential to generating closer to $100 million in annual revenue."

Saadi indicated the company may provide further updates in the near term regarding the evaluation process. The CEO characterized these potential acquisitions as supporting the company's mission to deliver healthcare solutions in oncology and rare diseases while maintaining fiscal independence.

The announcement represents Tevogen Bio's efforts to build what it describes as a scalable, cash-flow-oriented operating model through strategic acquisitions and partnerships in the healthcare sector.