Anacor Pharmaceuticals, Inc. has entered into an exclusive agreement with Sandoz Inc., a Novartis company, pursuant to which Sandoz will distribute and commercialize Anacor's recently approved Kerydin (tavaborole) topical solution, 5% in the US. PharmaDerm, the branded dermatology business of Sandoz, will be responsible for the sales and marketing of Kerydin, the first oxaborole antifungal approved for the topical treatment of onychomycosis of the toenails. The agreement with Sandoz entitles Anacor to upfront payments totaling $40 million and an additional milestone payment of $25 million expected to be paid in January 2015.