PARSIPPANY, N.J. and BARCELONA, SPAIN, Aug. 6, 2013 /PRNewswire/ -- Actavis, Inc. (NYSE: ACT) and Palau Pharma, S.A. today announced that Actavis Specialty Brands 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. Albaconazole is a new oral triazole discovered at Palau Pharma, with a potent broad-spectrum antifungal activity, and an excellent safety profile, that has demonstrated high efficacy in patients suffering from vulvo-vaginitis, and onychomycosis. 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 recognizes 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 U.S. and the EU in 2017." About Actavis Actavis, Inc. (NYSE: ACT) is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. Actavis has global headquarters in Parsippany, New Jersey, USA. Operating as ActavisPharma, Actavis markets generic, branded generic, legacy brands and Over-the-Counter (OTC) products in more than 60 countries. Actavis Specialty Brands is Actavis' global branded specialty pharmaceutical business focused in the Urology and Women's Health therapeutic categories. Actavis Specialty Brands also has a portfolio of five biosimilar products in development in Women's Health and Oncology. Actavis Global Operations has more than 30 manufacturing and distribution facilities around the world, and includes Anda, Inc., a U.S. pharmaceutical product distributor.