Ocugen Inc, the US partner for Bharat Biotech‘s Covid-19 vaccine has announced the payment of $15 million to Bharat Biotech for the vaccine rights in Canada. Ocugen in a regulatory filing said it has agreed to pay another $10 million to Bharat Biotech within a month. The Indian pharma company and Ocugen have entered into an agreement to co-develop, supply, and produce Covaxin for the US market.

“The Amendment is effective as of May 29, 2021. In consideration of the expansion, related to the amendment, the Company paid to Bharat Biotech a non-refundable, upfront payment of $15 million immediately upon execution of the Amendment. The company further agreed to pay to Bharat a milestone payment of $10 million within 30 days of the first commercial sale of Covaxin in Canada,” Ocugen said on Monday.

According to Shankar Musunuri, Co-founder of Ocugen, the company which is working towards the submission of the emergency use in the US, at the same time will seek authorization for emergency use in Canada. On profit-sharing agreement, Bharat Biotech had said similar to the US arrangement, Ocugen will retain 45 per cent of the profit from sales of Covaxin in Canada.