Malvern-based biopharmaceutical company Ocugen and Indian vaccine and bio-therapeutics company Bharat Biotech recently signed a binding letter of intent to co-develop Bharat Biotech’s COVID-19 vaccine candidate for the U.S. market.
The vaccine, COVAXIN, has completed phase one and phase two clinical trials in India and is currently in phase three.
“In the face of the coronavirus pandemic, it is incumbent upon all of us to find solutions that have the potential to save lives and restore normalcy to our day-to-day activities,” Dr. Shankar Musunuri, Ocugen co-founder, chairman, and CEO, said. “We have been very pleased with the safety and immunogenicity demonstrated by the phase one and phase two trials of COVAXIN and are encouraged with the progress of the phase three trials in India. We believe this unique yet traditional approach to vaccination holds great potential to appeal to a broad range of the population.”
Under the agreement, the companies will be responsible for clinical development, registration, and commercialization of the vaccine candidate, but Ocugen will hold U.S. rights. Final details will be revealed during the first quarter of 2021.
Ocugen formed a vaccine scientific advisory board in preparation for the vaccine’s development. Members include industry and academic experts.