Actavis Specialty Brands, the Actavis' global branded specialty pharmaceutical business, has acquired worldwide rights to Palau Pharma's Albaconazole development product, an oral antifungal agent for the treatment of vulvo-vaginal candidiasis, onychomycosis and other antifungal applications.

Under the terms of the agreement, Palau receives an initial cash payment and will receive additional future payments based on milestones to be reached during the development of the product. Financial terms of the agreement have not been disclosed.

"Based on clinical results to date, we believe that Albaconazole has the potential to be a best-in-class therapy for the treatment of vulvo-vaginal candidiasis and onychomycosis conditions," said Enrique Uriach, chairman of the Board of Palau Pharma. "This transaction recognises and validates, once more, the quality of science developed at Palau.  Furthermore, Actavis, as a leader in the Women's Health sector, will provide the resources, leadership and expertise to rapidly advance the development of Albaconazole, and make it a commercial success".

"The addition of Albaconazole to our pipeline provides an excellent opportunity for Actavis to build on our leadership position in Women's Health and to expand our dermatology portfolio on a worldwide basis," said Fred Wilkinson, president, Actavis Specialty Brands. "Currently in Phase II trials, Albaconazole could potentially launch in the US and the EU in 2017."

Actavis, Inc. is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products.

Palau Pharma is a privately-owned biopharmaceutical company committed to developing innovative medicines that target the unmet needs of patients suffering from inflammatory and autoimmune diseases, such as asthma, rheumatoid arthritis, atopic dermatitis, psoriasis, ulcerative colitis, and others.