Ocugen expands Covaxin commercialisation rights to include Canada
US-based 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
Hyderabad: US-based Ocugen, a biopharmaceutical company, and Bharat Biotech, entered into an amendment to their co-development, supply, and commercialisation agreement to expand Ocugen’s exclusive territory to commercialise Covaxin to now also include Canada, in addition to Ocugen’s existing rights to commercialise Covaxin in the United States.
“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. We 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,” said Dr Shankar Musunuri, chairman of the Board, CEO and co-founder of Ocugen.
“We are diligently working with Ocugen to bring Covaxin to the US market and now to the Canadian market,” said Dr Krishna Ella, CMD of Bharat Biotech.
As consideration for 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.
Similar to the US profit share arrangement, Ocugen will retain 45 per cent of the profits from sales of Covaxin in Canada.
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