Bharat Biotech's pact with Ocugen for Covaxin expanded to Canada
Hyderabad, June 3: Bharat Biotech on Thursday said the company and Ocugen Inc, its US partner for COVID-19 vaccine Covaxin, have agreed to expand their agreement to commercialise the jab in Canada also.
Bharat Biotech on February 2 said it andOcugenInc a US-based biopharmaceutical companyhave entered into a definitive agreement to co-develop, supply, and commercialise, the India vaccine makers Covaxin for the USA market.
Ocugen, which is working towards the submission of the emergency use application in the US, will simultaneously seek authorisation under interim order for emergency use in Canada Shankar Musunuri, Chairman of the Board, Chief Executive Officer, and Co-founder of Ocugen said in a press release.
"This amendment to expand our rights to commercialize Covaxin into Canada speaks of our strong relationship with Bharat Biotech and our joint dedication to bring this unique yet traditional vaccine to additional countries," Musunuri said.
As the consideration for Bharat Biotechs grant of the rights to commercialise Covaxin in Canada, Ocugen will make an upfront payment and milestone payment upon first commercial sale in Canada to the Indian vaccine maker, in addition to sharing the profit from sales of the vaccine in that country.
Similar to the US profit share arrangement, Ocugen will retain 45 per cent of the profits from sales of Covaxin in Canada, the release said. Krishna Ella, Chairman & Managing Director of Bharat Biotech said Covaxin has demonstrated an excellent safety record in human clinical trials and in vaccine administration under emergency use in India.
"We are diligently working with Ocugen to bring Covaxin to the US market and now to the Canadian market," Ella said. With its potential effectiveness against multiple existing and emerging variants, Bharat Biotech believes that Covaxin is an important vaccine for everyone, including children, based on its unique yet traditional vaccine platform, he further said.