Tevogen Inc. (NASDAQ: TVGN) has signed a non-exclusive, non-binding Letter of Intent to evaluate a potential transaction with HRK Healthcare LLC, according to a press release from the company.

If completed, the proposed deal could expand Tevogen's healthcare infrastructure and support the company's stated goal of becoming a revenue-generating enterprise spanning three divisions: Tevogen Bio, its biopharma arm; Tevogen.AI, its technology arm; and a healthcare services arm that may include management services.

Dr. Manmohan Patel, Tevogen's lead investor, said the potential transaction, combined with other acquisition initiatives, "could potentially pave Tevogen's path to realizing approximately $100 million in combined annual revenue."

The proposed transaction remains subject to due diligence, negotiation and execution of definitive documentation, required approvals, and customary closing conditions. Tevogen stated there is no assurance any transaction will be completed.

The company said it is also considering other transactions focused on life sciences and healthcare-related businesses.