Ocugen Signs Letter of Intent to Acquire Vaccine Manufacturing, R&D Hub in Ontario, Canada

Ocugen, Inc. a biopharmaceutical company focused on discovering, developing, and commercializing breakthrough gene therapies and vaccines, announced that it has signed a non-binding letter of intent (LOI) with Liminal BioSciences, Inc. a Canadian public company with shares listed on NASDAQ   for the acquisition of their manufacturing site in Belleville, Ontario, for an undisclosed amount.

This site would enable Ocugen to expand its manufacturing and research and development capabilities to support its pipeline. This includes the manufacture of COVAXIN (BBV152), the company’s COVID-19 vaccine candidate, which was submitted to Health Canada for regulatory review by Ocugen’s Canadian affiliate, Vaccigen Ltd. This vaccine manufacturing facility has the potential to help Canada in its efforts to control the current and future pandemics for all Canadians.

“We believe establishing a manufacturing and R&D hub for our biotechnology platform is the right investment and next evolution of our business. This site, after transformation into a state-of-the-art hub, with the support of the regional talent pool can help bring our innovative products – from vaccines to our modifier gene therapy assets – to the patients we will serve globally,” said Dr. Shankar Musunuri, Chairman, CEO and Co-Founder, Ocugen, Inc.

“We’re here to deliver to Canadians medical innovation that is going to make a difference in their lives. It’s also our intent to bring new opportunities for employment to the Belleville community that over time may bring significant economic growth to Ontario,” commented Dr. Ajay Potluri, Chief Executive Officer, Vaccigen Ltd.

“We are excited to see Ocugen’s plans to repurpose our dormant vaccine manufacturing facility and create vaccine manufacturing capacity in Canada. We thank Minister Champagne and his team at Innovation Science Economic Development (ISED) Canada who facilitated the introduction to Ocugen and Vaccigen.,” said Alek Krstajic, Chairman of the Board, Liminal BioSciences.

“We believe this could be an exciting opportunity for everyone involved, Liminal BioSciences, Ocugen, the province of Ontario, and most of all, the people of Canada, and we’re pleased to help facilitate this event by potentially selling a dormant vaccine manufacturing facility which is non-core to Liminal Biosciences and could be strategic to Ocugen,” said Peter Thomson, whose company, Thomvest, is a majority shareholder of Liminal BioSciences.

Completion of the proposed transaction is subject to finalization of due diligence investigations by the parties, the negotiation and execution of definitive transaction agreements and other customary closing conditions including certain funding requirements. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated.