Why Ocugen Stock Soared Today
Shares of Ocugen (NASDAQ: OCGN) skyrocketed on Tuesday after the biopharmaceutical company announced a deal with India-based vaccine developer Bharat Biotech to commercialize Covaxin, a COVID-19 vaccine candidate, in the U.S.
By the close of trading, Ocugen's stock price was up a stunning 80%.
On Dec. 22, 2020, Ocugen signed a letter of intent to co-develop Covaxin with Bharat Biotech. Today, Ocugen specified the terms of the now definitive agreement.
Ocugen will have U.S. rights to Covaxin. It will be responsible for conducting clinical trials and -- if the studies are successful -- seeking regulatory approval. If authorized, Ocugen will commercialize Covaxin in the U.S. and receive a 45% share of the profits, with Bharat Biotech receiving the remaining share.
Source Fool.com
