Hyderabad-based vaccine maker Bharat Biotech's United States (US)-based partner for COVID-19 Covaxin, Ocugen is set to seek an emergency use approval for the vaccine from the Canadian health authorities, reports Times of India.
Ocugen has said that it has already initiated discussions with Health Canada and will be pursuing an expedited authorisation for Covaxin under the interim order respecting the importation, sale and advertising of drugs for use in relation to COVID-19 in Canada.
It should be noted that Ocugen acquired Covaxin's rights for the Canadian market only recently. It said last week that it has made an upfront payment of $15 million to Bharat Biotech for the rights of the vaccine for the Canadian market.
In addition to this, Ocugen will also be making a milestone payment of $10 million to Bharat Biotech within 30 days of the first commercial sale of Covaxin in Canada.
Just as in the case of the deal signed between Ocugen and Bharat Biotech for the US market, Ocugen will be retaining 45 per cent of the profits from Covaxin's sales in Canada, while Bharat Biotech will receive the remaining 55 per cent of the profits.