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 declared the payment of $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 $10 million to Bharat Biotech within a month from the commercial launch of Covaxin in the North American countries.
Bharat Biotech on June 3 said it has agreed to expand the agreement with Ocugen Inc to commercialise the jab in Canada too.
The Indian biotech company and Ocugen Inc have entered into a definitive agreement to develop together, 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 following Amendment.
“The company further agreed to pay to Bharat Biotech a milestone payment of $10 million within 30 days of the first commercial sale of Covaxin in Canada," Ocugen said on Monday, June 7, 2021.
*Similar to US pact*
On profit sharing agreement, Bharat Biotech had said similar to the U.S. , 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 other nations.
"Application for EUL has been submitted to WHO-Geneva & regulatory approvals are expected till July-Sept 2021," she said in a statement on twitter.