If you are looking for a biopharmaceutical stock at this point then you could consider having a closer look at the Ocugen Inc (NASDAQ: OCGN) stock.
OCGN stock rallied by as high as 80% on Tuesday following a major development. Yesterday, the company announced that signed a deal with Indian company Bharat Biotech with regards to the commercialization of the latter’s COVID-19 vaccine Covaxin in the United States. It is a key milestone for the company and seems to have been welcomed with gusto by investors as well.
The deal had been in the works for some time considering the fact that the letter of intent was signed with Bharat Biotech back on December 22 last year. According to the provisions of the deal, Ocugen is not only going to have the United States rights for the product but will also be permitted for running clinical trials. If the studies are indeed fruitful, the company will seek approval from the regulatory authorities.