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US-Based Ocugen To Pay $15 Million Upfront To Bharat Biotech To Secure Covaxin Rights In Canada
Bharat Biotech’s COVAXIN, India’s first indigenous vaccine against coronavirus. (Swarajya Magazine)
Bharat Biotech’s Covid-19 vaccine Covaxin’s US partner Ocugen Inc has declared that it will pay $15 million upfront to the domestic drug maker for extension of the rights of the vaccine to Canada.
In a regulatory filing, Ocugen revealed that it is set to pay an additional $10 million to Bharat Biotech within a month of Covaxin’s commercial launch in Ottawa.
Bharat Biotech along with Ocugen have zeroed upon a definitive agreement for the co-development, supply and commercialization of Covaxin in the US market.
The two companies have also decided upon a profit-sharing agreement through which Ocugen will be able to retain 45 per cent of profit from Covaxin sales in Canada. It is also presently working towards submitting the emergency use application in the US and is now set to seek a 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 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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