Malvern-based Ocugen has finalized a deal with Bharat Biotech to develop the India-based company’s COVID-19 vaccine, Covaxin, for the U.S. market, writes John George for the Philadelphia Business Journal.

Ocugen first announced it was working on the deal in December. When the deal was finalized, the company’s stock went up by $0.57 per share to reach a 52-week high of $3.26.

The agreement gives Ocugen U.S. rights to the vaccine candidate. The biopharmaceutical company will also be responsible for the clinical development, registration, and commercialization of the vaccine for the U.S. market. The two companies will share profit from all sales of the vaccine.

“I am confident we will be able to work with Ocugen to develop a plan to bring Covaxin to the U.S. market,” said Dr. Krishna Ella, Bharat’s chairman and managing director.

Ocugen is currently in active talks with manufacturers in the U.S. to produce a sizable amount of doses to support its immunization program within the country.

Dr. Shankar Musunuri, Ocugen co-founder and CEO, decided to pursue the deal with Bharat because Covaxin has demonstrated several “unique product characteristics” that make it potentially effective against mutations.

Read more about Ocugen in the Philadelphia Business Journal here.