Actavis buys rights to experimental antifungal drug

PARSIPPANY, N.J. — Actavis has acquired global rights to a drug made by a Spanish company for fungal infections of the vagina, the companies said Tuesday.

Actavis and Palau Pharma announced that Actavis Specialty Brands had acquired right's to albaconazole, an orally administered antifungal for vulvo-vaginal candidiasis, onychomycosis and others. The drug, which Palau discovered, is currently in phase-2 clinical trials, and Actavis foresees a potential U.S. commercial launch of the drug in 2017.

"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," Palau chairman Enrique Uriach said. "This transaction recognizes and validates, once more, the quality of science developed at Palau."

Under the deal, Palau will receive an initial cash payment plus milestone payments, but financial terms have not been disclosed.