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Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed, on February 2, 2021, Ocugen, Inc. (the “Company”), entered into a Co-Development, Supply and Commercialization Agreement (the “Agreement”) with Bharat Biotech International Limited (“Bharat”), pursuant to which the Company obtained an exclusive right and license under certain of Bharat’s intellectual property rights, with the right to grant sublicenses, to develop, manufacture and commercialize COVAXIN™, an advanced-stage whole-virion inactivated vaccine candidate/product for the prevention of COVID-19 in the United States of America, its territories and possessions (the “Original Ocugen Territory”).
On June 1, 2021, the Company and Bharat entered into that certain First Amendment to Co-Development, Supply and Commercialization Agreement (the “Amendment”), pursuant to which the parties agreed to expand the Original Ocugen Territory to include the United States and Canada (the “Amended Ocugen Territory”). The Amendment is effective as of May 29, 2021. In consideration of the expansion, pursuant to the Amendment, the Company paid to Bharat 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. In addition to the aforementioned payments, under the terms of the Agreement as amended by the Amendment, the parties will share any profits generated from the commercialization of COVAXIN in the Amended Ocugen Territory, with the Company retaining 45% of such profits and Bharat receiving the balance of such profits.
The foregoing summary of the material terms of the Amendment is qualified in its entirety by the terms of the Amendment, a copy which will be filed as an exhibit in a subsequent periodic report to be filed under the Securities Exchange Act of 1934, as amended.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 7, 2021
|By:||/s/ Shankar Musunuri|
|Name: Shankar Musunuri|
|Title: Chief Executive Officer and Chairman|