Hyderabad-based pharmaceutical company Bharat Biotech has denied any wrongdoing amid an ongoing controversy in Brazil over a $324-million contract for its COVID vaccine, Covaxin, doses.

Releasing a statement, Bharat Biotech said it had followed a “step-by-step” approach towards contracts and regulatory approvals with Brazil.

“In the specific case of procurement of Covaxin by the Ministry of Health, Brazil, since the first meetings during November 2020 until June 29, a step-by-step approach has been followed towards contracts, and regulatory approvals, during this eight-month-long process,” Bharat Biotech said in a statement.

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Meanwhile, the Brazilian government, which agreed to purchase 20 million doses of Covaxin, on Wednesday announced suspension of the contract following allegations of irregularities in the deal, reports PTI.

The pharma company said it has not received any advance payments nor supplied any vaccines to MOH Brazil. 

Brazil President Jair Bolsonaro has been accused of corrupt practices in the deal for 20 million Covaxin doses. Brazilian federal prosecutors have opened an investigation into the deal citing comparatively high prices, quick talks and pending regulatory approvals as red flags for the contract signed in February.

Bharat Biotech said the price of Covaxin had been “clearly established” between $15-20 per dose for countries other than India. “The pricing for Brazil has also been indicated at $ 15 per dose. 

It said it wished to “dispel any notion or implication of any wrongdoing whatsoever”.

There are also allegations of the invoice for advance payments was raised in the name of Madison Biotech, a third party. Madison Biotech, said the company, was founded by Dr Ella last year for the purpose of external research and development and sales and marketing of vaccines.