Ocugen pays $15 million 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.

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.