Ocugen to co-develop Bharat Biotech's COVID-19 vaccine candidate for U.S

FILE PHOTO: A medic fills a syringe with COVAXIN, an Indian government-backed experimental COVID-19 vaccine, before administering it to a health worker during its trials, at the Gujarat Medical Education and Research Society in Ahmedabad, India, November 26, 2020. REUTERS/Amit Dave

Drug developer Ocugen Inc said on Tuesday it had partnered with Bharat Biotech to co-develop the India-based company's COVID-19 vaccine candidate for the U.S. 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. (https://reut.rs/37G47eD)

Under the partnership terms, Ocugen said it would have U.S. rights to the vaccine candidate and be responsible for clinical development, registration, and commercialization for the U.S. 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% to 32 cents in trading before the bell.

(Reporting by Trisha Roy in Bengaluru; Editing by Anil D'Silva)