Ocugen (NASDAQ:OCGN) was up more than 60% in trading on Friday after announcing on Tuesday it would enter a partnership with Bharat Biotech to bring the latter’s Covid-19 vaccine to U.S. markets.
COVAXIN is a notable newcomer to the vaccine conversation because Bharat Biotech believes its vaccine may also be effective against the U.K. variant of Covid-19, per Phase II clinical trial results from last month. This vaccine can also be stored at room temperature, compared to the ultra-cold freezers necessitated by mRNA vaccines already on the market.
The deal was initially announced in late December, but specifics were only released this week. Ocugen will have U.S. rights to the vaccine and be responsible for development, regulation and commercialization in that market. In return for these services, OCGN will retain 45% of profits from U.S. markets.
Ocugen has had a volatile week, with OCGN stock declining after the company released details of the executive agreement on Tuesday.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.