Ocugen (NASDAQ: OCGN) stock was up by more than 7.5% as of 10:30 a.m. ET Wednesday after the government of India announced that it would distribute free booster doses of the Covaxin COVID-19 vaccine to all adults who want them for 75 days starting on Friday.
Ocugen itself didn't announce any news. But the market is likely reacting positively to the announcement of the program in India because the biotech has licensing rights to Covaxin in North America.
Ocugen won't realize any revenue from India's new booster campaign. All of those sales will go to its Indian collaborator, Bharat Biotech. Still, it'll mean that Covaxin will be used in an even wider population than before, which could yield more evidence that it is safe and effective.
Source Fool.com