Ocugen expands COVAXIN rights to include Canada

USA-based Ocugen (Nasdaq: OCGN) and India’s Bharat Biotech today announced that they have entered into an amendment to their co-development, supply, and commercialization agreement to expand Ocugen’s exclusive territory to commercialize Bharat’s COVID-19 vaccine, COVAXIN, to now also include Canada, in addition to Ocugen’s existing rights to commercialize the vaccine in the USA.

“This amendment to expand our rights to commercialize COVAXIN into Canada speaks to our strong relationship with Bharat Biotech and our joint dedication to bring this unique yet traditional vaccine to additional countries. 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 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, chief executive and co-founder of Ocugen.

As consideration for Bharat Biotech’s grant of the rights to commercialize COVAXIN in Canada, Ocugen will make an undisclosed 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% of the profits from sales of COVAXIN in Canada.