Actavis gains global rights for antifungal agent albaconazole

US generic drugs major Actavis (NYSE: ACT),which also has strong interests in women’s health products, has acquired worldwide rights to Spain-based 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 deal, Palau receives an initial, undisclosed, cash payment and will get additional future payments based on milestones to be reached during the development of the product. Financial terms of the agreement have not been disclosed.