After US market, Bharat Biotech targets for Covaxin sale in Canada by collaborating with Ocugen . The companies are extending their US pact for Covaxin to include Canada. Covaxine is an indigenously developed Covid 19 vaccine.
On Thursday, Bharat Biotech and Ocugen confirmed that that they have entered into an amendment to their co development, supply, and commercialization agreement to stretch Ocugen’s exclusive territory to commercialize Covaxin to also include in Canada, in inclusion to its existing rights to commercialize Covaxin in United States.
As far the amended deal is concerned, Ocugen will make an upfront payment and milestone payment upon the first commercial sale in Canada to Bharat Biotech just like the US. 45 percent of the profit from the Covaxin sale in Canada will be retained by Ocugen while 55 percent share of the profit will go to Bharat Biotech.
Dr. Shankar Musunuri, CEO and Co-founder of Ocugen stated, “As we work towards the submission of the emergency use application in the US, we will simultaneously seek authorization 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 US and Canada, as well as across the globe, due to strong immune response it generates against multiple antigens.”
“Covaxin has demonstrated an excellent safety record in human clinical trials and in vaccine administration under emergency use in India. Our goal for all vaccines developed at Bharat Biotech to have 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,” voiced Dr. Krishna Ella, chairman and managing director at Bharat Biotech.