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Bharat Biotech Agrees To Expand Ocugen Inc (NASDAQ: OCGN)’s Covaxin Vaccine Commercialization Rights To Canada

Bharat Biotech and Ocugen Inc (NASDAQ: OCGN) have agreed to expand the existing Covaxin vaccine commercialization to include other nations. 

As per the terms of the amended agreement, Ocugen received permission to sell Covaxin vaccines in Canada besides the existing rights in the US. 

Ocugen’s CEO, Shankar Musunuri, said the amended agreement allows the company to market Covaxin in Canada. It strengthens the relationship between the companies, offers this innovative vaccine to other nations, and saves several lives.

Covaxin acts against multiple antigens

Ocugen applies for EUA (Emergency Use Application) for Covaxin in the US. The company simultaneously seeks interim use authorization in Canada.  Covaxin can save the lives of people from coronavirus in Canada and the US because it generates a robust immune response against several antigens. 

Bharat Biotech’s MD, Krishna Ella, said Covaxin showed an excellent safety profile in clinical trials conducted on humans. Indian government granted emergency use approval for administration in India. Krishna further said the company expects to provide global access for its vaccine. 

Covaxin could work against emerging and existing variants. It is also effective in children. Bharat Biotech is closely working with Ocugen to unveil Covaxin in the US and Canada.

Bharat Biotech will receive an upfront payment from Ocugen in return for commercialization rights. It will also receive milestone payment for the first sale of Covaxin in Canada. Ocugen will keep 45% of the Covaxin sales generated in Canada, just like in the US. 

In alliance with NIV (National Institute of Virology), Bharat Biotech has developed Covaxin using a VCM (vero cell manufacturing) platform. So far, 300 million doses of various vaccines developed using this platform are delivered and proven safe.

According to recent trials, Covaxin showed 78% efficiency. It also demonstrated 100% efficiency in people hospitalized with severe coronavirus during the phase 3 clinical trial interim results.

Protection against SARS-CoV-2 variants

The vaccine also improved memory T cell responses to protect from future infections. Unlike other vaccines in the market, Covaxin can be stored at two to eight degrees centigrade. According to several clinical studies, Covaxin offers protection against three variants of the coronavirus (SARS-CoV-2). 

Scientists at ICMR – NIV proved that Covaxin effectively neutralizes B.1.128.2, a Brazil variant; B.1.617, an Indian double mutant variant; and B.1.1.7, the UK variant.

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