As some vested interest groups in India try to denigrate the indigenously developed Bharat Biotech’s Covid-19 vaccine Covaxin, its US partner Ocugen Inc has declared that it will pay $15 million upfront for the rights of the vaccine to Canada.
Ocugen also mentioned that it will pay an additional $10 million to Bharat Biotech within a month of Covaxin’s commercial launch in Ottawa as it files for the regulatory filing,
Bharat Biotech along with Ocugen have zeroed upon a definitive agreement for the co-development, supply, and commercialisation of Covaxin in the US market.
The two companies have also worked out a profit-sharing agreement through which Ocugen will be able to retain 45 per cent of profit from Covaxin sales in Canada and is working towards submitting the emergency use application in the US with similar authorization in Canada as well.
“The Amendment is effective as of May 29, 2021. In consideration of the expansion, pursuant to the Amendment, the Company paid to Bharat (Bharat Biotech) a non-refundable, upfront payment of $15 million immediately upon execution of the Amendment,” Ocugen’s statement was quoted by the PTI.
It added, “The company further agreed to pay to Bharat a milestone payment of $10 million within 30 days of the first commercial sale of Covaxin in Canada.”
Meanwhile, Bharat Biotech has disclosed that the Emergency Use Listing Procedure (EUL) for Covaxin has been submitted to WHO-Geneva and regulatory approvals for the same are anticipated to come between July-September 2021.
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