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Ocugen Inc (NASDAQ: OCGN) has signed a non-binding letter of intent to acquire Liminal Biosciences Inc's (NASDAQ: LMNL) manufacturing site in Belleville, Ontario, for an undisclosed amount.
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The newly acquired site would enable Ocugen to expand its manufacturing and research and development capabilities to support its pipeline, including the manufacture of Covaxin, its COVID-19 vaccine candidate.
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"We are excited to see Ocugen's plans to repurpose our dormant vaccine manufacturing facility and create vaccine manufacturing capacity in Canada," said Alek Krstajic, Chairman of the Board, Liminal BioSciences.
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Covaxin was developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR).
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Related: Ocugen-Bharat Biotech Partnered COVID-19 Booster Covaxin Neutralizes Omicron, Delta Variants.
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Earlier today, India's drugs regulator has given conditional approval to Covishield and Covaxin for sale in the market.
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Market approval, however, does not mean that the vaccines will be available in medical shops. People will have to buy Covishield and Covaxin from hospitals and clinics.
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Price Action: OCGN shares are down 3.49% at $3.04 during the market session on the last check Thursday.
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