 "Ocugen pays $15 mn upfront to Bharat Biotech for Covaxin rights in Canada")
Ocugen Inc, the US partner for
Bharat Biotech's COVID-19 vaccine has announced the payment of USD 15 million upfront to the Indian drug maker for extending the vaccine rights to Canada.
Ocugen in a regulatory filing said it has agreed to pay another USD 10 million to Bharat Biotech within a month from the commercial launch of Covaxin in the North American country.
Bharat Biotech on June 3 said it has agreed to expand the agreement with Ocugen Inc to commercialise the jab in Canada also.
The Indian biotech company and Ocugen Inc have entered into a definitive agreement to co-develop, supply, and commercialise Covaxin for the US market.
"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 USD 15 million immediately upon execution of the Amendment.
The company further agreed to pay to Bharat a milestone payment of USD 10 million within 30 days of the first commercial sale of Covaxin in Canada," Ocugen said on Monday.
According to Shankar Musunuri, Co-founder of Ocugen, the company 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.
On profit sharing agreement, Bharat Biotech had said similar to the US arrangement, Ocugen will retain 45 per cent of the profit from sales of Covaxin in Canada.
Meanwhile, Suchitra Ella, Joint MD of Bharat Biotech said regulatory approvals for Covaxin is in over 60 countries including the US, Brazil and Hungary while Emergency Use Authorisation has been obtained in 13 nations.
"Application for EUL has been submitted to WHO-Geneva & regulatory approvals are expected by July-Sept 2021," she said in a statement on twitter.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app