Vial of Covaxin (File image)
Bharat Biotech on July 23 said it had terminated its memorandum of understanding (MOU) dated November 24, 2020, with Brazil-based Precisa Medicamentos (Precisa) and Envixia Pharmaceuticals.
The vaccine manufacturer said it had entered into MOU with Precisa and Envixia to introduce Covaxin in Brazil.
However, Bharat Biotech said it will continue to work diligently with ANVISA, the Brazilian drug regulatory body, to complete the regulatory approval process for Covaxin.
The company said as part of its global supply outreach, it has offered to supply Covaxin to Brazil.
"The global pricing (save for India) of Covaxin has been set between $15 and $20. Accordingly, Covaxin has been offered to the Government of Brazil at the rate of $15 per dose," the company said.
Bharat Biotech has entered into a contract to supply 2 crore doses of Covaxin to Brazilian companies for $324 million. However, the vaccine contract has been mired in controversies, with allegations of irregularities against the government of Jair Bolsonaro.
Bharat Biotech stated that the company has not received any advance payments. It has also not supplied any vaccines to the Ministry of Health in Brazil.
The company said that all its actions, including its global dealings, are done in accordance with local laws and it follows the highest standards of ethics, integrity and compliance at all times.
Bharat Biotech said Madison Biotech, the Singapore-based company that was under the scanner for raising an alleged invoice of $45 million for advance payment to supply Covaxin to Brazil, is an affiliate company.
"Madison Biotech was established in 2020 for the purpose of external R&D and distribution of vaccines. More than 3,000 personnel are employed in 6 cities across all these organisations. We wish to dispel any notion or implication of any wrongdoing whatsoever, as all these are affiliate companies founded or acquired and operated by Dr. Krishna Ella," the company said.
It further said that Madison Biotech, an ACRA-registered entity in Singapore, is a wholly owned subsidiary, and hence all financial reports will be filed with appropriate authorities in India.