Actavis Acquires Worldwide Rights for Palau Pharma's Albaconazole Antifungal Agent
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."
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.
For press release and other company information, visit Actavis' Web site at http://www.actavis.com.
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. Palau began its operations in November 2006 and its pipeline includes an extensive portfolio of projects, most of them in clinical development. Additionally, Palau has forged important partnerships with internationally renowned companies. Its current shareholders are Grupo Uriach, Caja Duero, Andosins Capital, CatalunyaCaixa and Najeti Capital.
The international legal services firm Baker & McKenzie and the global business development company The Sage Group have advised Palau Pharma in this transaction.
Forward Looking Statement
Statements contained in this press release that refer to Actavis' estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Actavis' current perspective of existing trends and information as of the date of this release. For instance, any statements in this press release concerning prospects related to Actavis' strategic initiatives, product introductions and anticipated financial performance are forward-looking statements. It is important to note that Actavis' goals and expectations are not predictions of actual performance. Actavis' performance, at times, will differ from its goals and expectations. Actual results may differ materially from Actavis' current expectations depending upon a number of factors affecting Actavis' business. These factors include, among others, the difficulty of predicting the timing or outcome of product development efforts and regulatory agency approvals or actions, if any; the impact of competitive products and pricing; the timing and success of product launches; risks and uncertainties normally incident to the pharmaceutical industry, including product liability claims and the availability of product liability insurance on reasonable terms; market acceptance of and continued demand for Actavis' products; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with governmental regulations applicable to Actavis' and its third parties' facilities, products and/or businesses; changes in the laws and regulations, including Medicare, Medicaid, and similar laws in foreign countries affecting, among other things, pricing and reimbursement of pharmaceutical products; and such other risks and uncertainties detailed in Actavis' periodic public filings with the Securities and Exchange Commission, including but not limited to Actavis' Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 and Actavis' Annual Report on Form 10-K for the year ended December 31, 2012. Except as expressly required by law, Actavis disclaims any intent or obligation to update these forward-looking statements.
SOURCE Actavis, Inc.