Ocugen Spikes On US COVID-19 Vaccine Manufacturing Deal With Bharat Biotech

Ocugen Inc OCGN shares were advancing sharply Tuesday on above-average volume.

Ocugen, a gene therapy company, said it has executed a definitive agreement with India's Bharat Biotech to co-develop, supply and commercialize the latter's Covaxin in the U.S.

Covaxin is an advanced stage whole-virion inactivated COVID-19 vaccine candidate.

The agreement vests Ocugen with the U.S. rights to the vaccine candidate. The company will be responsible for clinical development, regulatory approval and commercialization for the U.S. market.

Bharat Biotech will supply initial doses to be used in the U.S. upon Ocugen's receipt of an emergency use authorization. It will also support the technology transfer for manufacturing in the U.S.

Profits from Covaxin sales in the U.S. will be shared between Bharat Biotech and Ocugen in a 55-45 ratio.

At last check, Ocugen shares were jumping 72.1% to $3.12.