Drug developer Ocugen Inc said on Tuesday it had partnered with Bharat Biotech to co-develop the Hyderabad-based company's COVID-19 vaccine candidate for the US market.
The vaccine candidate, Covaxin, showed it was safe and triggered immune responses in an ongoing early-stage trial on Wednesday and is currently part of a late-stage trial in India.
Under the partnership terms, Ocugen said it would have US rights to the vaccine candidate and be responsible for clinical development, registration, and commercialization for the US market.
Bharat Biotech is developing Covaxin with the government-run Indian Council of Medical Research (ICMR) and has sought emergency-use authorization from the Indian drug regulator.
Shares of Ocugen surged 10 per cent to 32 cents in trading before the bell.
Top Medical Body Slams Study On Covaxin Safety, Side-Effects, Wants Apology Covaxin Has Excellent Safety Record: Bharat Biotech On Study Citing Risks Vaccine Trial Patient In US Sues AstraZeneca, Claiming She Was Left "Permanently Disabled" 11 Dead, Many Critical In Jaipur Fire As 2 Trucks Collide Outside Petrol Pump "Go Ahead": What Arun Jaitley Told Raghuram Rajan About Tackling Bad Loans 52 kg Gold, Rs 10 Crore Cash Found In Abandoned Innova In Bhopal Jungle Considering Career In Finance Sector? Explore Major Certificate Programmes "Rumour": DY Chandrachud On Being Considered For Rights Panel Chief Post "We're Largest Private Investor In Bihar": Pranav Adani At Patna Event Track Latest News Live on NDTV.com and get news updates from India and around the world.