Malvern-based Ocugen saw its stock nearly triple last week after the company signed a letter of intent with Bharat Biotech to co-develop the India-based company’s COVID-19 vaccine candidate for the U.S. market, writes John George for the Philadelphia Business Journal.

After the announcement on Tuesday, Ocugen’s stock soared by 92 percent and continued its climb to close up 178 percent at $0.81 per share.

Covaxin, Bharat’s experimental vaccine, has generated positive results in Phase 1 and Phase 2 clinical trials in India that involved around 1,000 patients. The vaccine candidate is currently being tested on around 26,000 volunteers in India as part of Phase 3.

According to the letter of intent Ocugen signed, the company will get the rights to the vaccine candidate for the U.S. It will also be responsible for the clinical development, registration, and commercialization of the vaccine for the U.S. market – in collaboration with Bharat.

“We are delighted to collaborate with Bharat Biotech to potentially bring Covaxin to the U.S. market,” said Dr. Shankar Musunuri, co-founder and CEO of Ocugen.

The financial terms of the deal have not been disclosed.

Read more about Ocugen in the Philadelphia Business Journal here.