India-made Covaxin is all set to launch in the Canadian market with a tie-up of Bharat Biotech and US partner Ocugen making a pact for Covaxin to be available in Canada as well. According to the new pact, Covaxin can now be commercialized in the United States as well, and the commercialized agreement has also been extended in Canada. This significant amendment in their existing pact will help Bharat Biotech to spread its sales overseas.
Ocugen will make an upfront payment and a milestone payment when the first commercial sales of Covaxin go live in Canada, just like the amendment deal of the US. Bharat Biotech will receive a 55% share in the profits, while Ocugen will have 45% of the shares.
“We are very happy to launch Covaxin abroad”: Bharat Biotech
“As we work to bring an application for emergency use to the US, we will simultaneously seek authorization under the Canadian Emergency Use Act. We believe that Covaxin has the potential to play a significant role in saving the lives of Covid-19 people in the US and Canada, as well as globally, thanks to a strong immune response to multiple antigens, ”said Dr. Shankar Musunuri, board chairman, CEO, and founder of Ocugen.
“Covaxin has shown excellent results against the COVID-19 virus and is currently administered to the Indians to a large extent. Our main aim is to provide vaccines globally and assist the countries in need. As Covaxin is effective against several COVID-19 variants, we believe that Covaxin is a crucial vaccine for children as well, as we have structured it carefully,” Krishna Ella, Bharat Biotech chairman, and managing director said.