Bharat Biotech stated the company and Ocugen, its US partner for COVID-19 vaccine, Covaxin, have agreed to expand their agreement to commercialise the vaccine in Canada as well.
Both companies have entered into an agreement to co-development, supply, and commercialise Covaxin not just in the United States but also in Canada.
As per Bharat Biotech’s 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 Bharat Biotech, in addition to sharing the profit from sales of Covaxin in Canada.
Ocugen will retain 45 per cent of the profits from sales of Covaxin in Canada. This is similar to the US profit share arrangement
“This amendment to expand our rights to commercialise Covaxin into Canada speaks to our strong relationship with Bharat Biotech and our joint dedication to bring this unique yet traditional vaccine to additional countries. As we work towards the submission of the emergency use application in the US, we will simultaneously seek authorisation under interim order for emergency use in Canada,” Dr Shankar Musunuri, Chairman of the Board, Chief Executive Officer, and Co-founder of Ocugen said.
He added both companies believe Covaxin has the potential to play a key role in saving lives from COVID-19 in the US and Canada, as well as across the globe, due to the strong immune response it generates against multiple antigens.
Covaxin has demonstrated safety record in human clinical trials and in vaccine administration under emergency use in India, added the company. Dr Krishna Ella, Chairman and Managing Director of Bharat Biotech said, “Our goal for all vaccines developed at Bharat Biotech is to provide global access. With its potential effectiveness against multiple existing and emerging variants, we believe that Covaxin is an important vaccine for everyone, including children, based on its unique yet traditional vaccine platform. We are diligently working with Ocugen to bring Covaxin to the US market and now to the Canadian market.”