A strong quarter in the US

Photocure 6 June 2017 Update
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Photocure

A strong quarter in the US

Financial update

Pharma & biotech

6 June 2017

Price

NOK27.30

Market cap

NOK590m

NOK8.47/US$

Net cash (NOKm) at 31 March 2017

155

Shares in issue

21.6m

Free float

85%

Code

PHO

Primary exchange

Oslo

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(21.1)

(23.7)

(36.1)

Rel (local)

(21.7)

(23.3)

(39.3)

52-week high/low

NOK54.0

NOK26.7

Business description

Photocure specialises in photodynamic therapy. Its bladder cancer imaging product is sold as Hexvix in Europe and Cysview in the US. Photocure handles the marketing in Nordic countries and the US, while Ipsen is its marketing partner in the EU. Cevira is a Phase III-ready product for HPV-related diseases of the cervix and Visonac is a Phase III-ready product for acne.

Next events

Surveillance market launch

2018

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

Photocure is a research client of Edison Investment Research Limited

Photocure announced results for Q117 with 9% growth for the Hexvix/Cysview franchise compared to Q116. The US was a major driver, up 32% to NOK10m, though the Nordics fell by 4% to NOK9.7m due to currency and weakness in Denmark. Importantly, the company also recently announced that its Phase III trial in the bladder cancer surveillance market was successful, which should enable it to receive marketing authorisation in that market.

Year end

Revenue (NOKm)

PBT*
(NOKm)

EPS*
(NOK)

DPS
(NOK)

P/E
(x)

Yield
(%)

12/15

134.7

(17.4)

(0.82)

0.0

N/A

N/A

12/16

143.6

12.8

0.59

0.0

46.3

N/A

12/17e

145.5

(48.9)

(2.26)

0.0

N/A

N/A

12/18e

242.5

5.8

0.26

0.0

105.0

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

US sales continue to be strong

Sales in the US increased 32% to NOK10.0m driven mainly by volume growth and price increases, though there was also a minor currency headwind. Unit sales increased 28% and six additional units were installed over the quarter, bringing the total installed base to 89. The company is in the process of increasing the size of the US salesforce, which may enable it to maintain the fast pace of growth and take advantage of the recent Phase III data in the surveillance setting.

Surveillance trial data potentially transformational

Data from the 304-patient Phase III trial of Hexvix/Cysview in the surveillance setting showed that the product increased detection of patients with recurrence and that 21.5% (p<0.0001) of the patients with recurrence had one that was only detected with Hexvix/Cysview. Hexvix/Cysview sales may have significant upside if the product successfully expands into the US bladder cancer surveillance market, which has 1.2m procedures per year, compared to its current market of 250,000 transurethral resection of the bladder (TURB) procedures.

Nordic segment continues to struggle

2016 was a relatively difficult year for Photocure in the Nordic region due to staffing issues on its salesforce and the franchise only grew 1% over the course of the year. Q117 Nordic revenues fell 4% to NOK9.7m (though on a constant currency basis they were up 1%) and in-market unit sales were down 8%. Results were especially weak in Denmark due to the reorganisation of hospitals in the Copenhagen region.

Valuation: NOK947m or NOK44 per share

We have adjusted our valuation to NOK947m or NOK44 per basic share, from NOK943m or NOK44 per basic share, mainly due to rolling over our NPV model to Q117. We expect approval for the US surveillance market and profitability in 2018. The company ended Q117 with NOK155m in cash, and we do not expect it to require further financing.

First quarter results

Photocure reported total revenue of NOK36.5m for Q117, representing 5% growth over Q116. This was driven by 9% year-on-year growth of revenues from Hexvix/Cysview (NOK36.5m vs NOK33.5m), offset by a lack of milestone revenue compared to NOK1.3m in Q116.

Exhibit 1: Q117 Hexvix/Cysview sales

Revenue (NOKm)

Y-o-y

Q-o-q

Units

Y-o-y

Q-o-q

Hexvix sales Nordic

9,731

-4%

1%

2,271

-8%

-7%

Cysview sales US

10,041

32%

25%

1,276

28%

22%

Total own sales

19,772

12%

12%

3,547

2%

2%

Partner sales

16,742

6%

20%

11,908

12%

10%

Total Hexvix/Cysview

36,514

9%

16%

15,455

9%

8%

Source: Photocure

End user unit sales were especially strong in the US (up 28%), which was driven by an increase in the number of permanent blue light cystoscopes installed and by an increase in the usage per centre. The ongoing expansion of the US salesforce may help improve the already positive dynamics there even further. Nordic sales were hampered by weak results across Scandinavia but mainly due to a reorganisation of hospitals in the Copenhagen region. Growth in partnered areas was hampered by the delayed placement of scopes and reimbursement issues in the new markets of Australia and Canada.

Exhibit 2: Hexvix/Cysview in-market sales

Source: Photocure

SG&A for Q1 was slightly higher than recent quarters at NOK33.5m (compared to NOK30.3m in Q4). SG&A will likely increase in 2017 and 2018 due in large part to an increase in the number of salespeople in the US. This will enable them to penetrate additional metropolitan areas and lay the groundwork in preparation for the surveillance market launch. R&D expenses were up (to NOK8.5m from NOK5.0m), mainly due to a NOK4.0m write-down of Nedax lamp inventory (the lamp is associated with the Visonac product).

Improving bladder cancer surveillance

Photocure presented new clinical results of Hexvix/Cysview at the American Urological Association (AUA) meeting on 14 May 2017. The results are from the Phase III clinical study measuring the utility of Hexvix/Cysview for the ongoing surveillance of patients with non-muscle invasive bladder cancer (NMIBC). After diagnosis, patients with NMIBC typically undergo a TURB procedure, in which tumours are resected using a cystoscope. Hexvix/Cysview is already approved for use during TURB procedures to improve the identification of lesions for removal. These patients are then followed with routine surveillance for recurrence, which is high with NMIBC. The AUA recommends surveillance every three to six months for the first three years after diagnosis and yearly thereafter.

The clinical trial enrolled 304 patients at 17 institutions in the US. It only enrolled patients with a high probability of recurrence as identified by having multiple tumours, a previous recurrence, and/or high-grade tumours in previous procedures. Patients on the study underwent both blue light and white light cystoscopy and the ability of the two techniques to identify recurrence events was compared. The primary end point of the trial was the number of patients with recurrences who were identified using Hexvix/Cysview who were missed with white light cystoscopy. In addition to the experimental portion of the trial, 68 patients were included for training purposes to acclimatise physicians to blue light cystoscopy.

A total of 220 patients were in the experimental portion of the trial and available for evaluation. From this population, 103 patients were referred to the operating room for a TURB procedure based on initial surveillance cystoscopy, and 65 had a confirmed recurrence. 14 patients (21.5% p<0.0001) were referred to the operating room using Hexvix/Cysview and would have been missed using white light cystoscopy alone. This is significant evidence that Hexvix/Cysview can improve the surveillance in this population. Moreover, of these 65 patients with recurrence, almost half (30 patients, 46.2%) had additional lesions detected using Hexvix/Cysview over white light cystoscopy alone. In particular, Hexvix/Cysview improved the identification of carcinoma in situ (CIS). CIS is a small flat lesion in the early stages of its growth before it is generally considered a tumour with high risk of progression. Of the patients on the trial, 26 had confirmed CIS, of which nine (34.6%, p<0.0001) were diagnosed with Hexvix/Cysview and would have otherwise been missed.

The use of Hexvix/Cysview did substantially increase the number of false positive diagnoses of recurrence. It doubled the number of patients from 19 to 38 (8.6% to 17.2%) that were referred for TURB who turned out to not have a malignancy. The total number of patients referred for TURB increased by 47% (from 70 to 103) when using Hexvix/Cysview; however, we consider this increase in procedures justified considering that 42% of the new referrals had disease that would have otherwise been missed.

We believe that these data are supportive of approval for the US surveillance market. In addition, the safety data on repeated use of Hexvix/Cysview, as well as significantly improved detection of CIS obtained in the current study, should expand the current label to include improved detection of CIS and remove the current label restrictions on repeated use.

Exhibit 3: Blue light cystoscopy with Hexvix/Cysview increases bladder cancer detection

Source: Photocure

Expansion into the surveillance market is essential to the continued growth of Hexvix/Cysview, particularly in the US. The product is currently approved in the US and Europe for TURB, of which there are approximately 250,000 and 300,000 respective procedures annually. However, surveillance procedures are far more common than TURB, with approximately 1.2m procedures in the US and 750,000 in Europe per year.

Valuation

We have adjusted our valuation to NOK947m or NOK44 per basic share, from NOK943m or NOK44 per basic share, mainly due to rolling over our NPV model to Q117. We expect approval for the US surveillance market and profitability in 2018. We may adjust our valuation in the future to reflect the initial sales trajectory of the product, as well as changes to spending associated with new marketing.

Exhibit 4: Valuation of Photocure

Product

Main indication

Status

Probability of commercialisation

Launch year

Peak sales (NOKm)

Patent protection

Economics

rNPV (NOKm)

Hexvix/Cysview

Bladder cancer detection

Market

100%

Launched

344

2019-20

Fully owned – US and Nordics; partner with Ipsen in EU (35% royalty)

537

Cevira

HPV-related diseases

Phase III

20%

2020

2,399

2030

17.5%

136

Visonac

Acne

Phase III

20%

2020

2,175

2028

17.5%

118

Total

 

 

 

 

 

 

 

792

Cash and cash equivalents (Q117)

155

Total firm value

947

Total basic shares (m)

21.6

Value per basic share (NOK)

44

Options (Q117, m)

0.1

Total number of shares (m)

21.6

Diluted value per share (NOK)

44

Source: Edison Investment Research

Financials

We are maintaining our estimates for the most part though we have increased our 2017 sales estimate by NOK1.5m and increased our 2017 and 2018 R&D expense estimates by NOK2.3m and NOK2.4m, respectively. We continue to expect that the company will become profitable in 2018, although we expect cash flows to be negative until 2019. The company ended Q117 with NOK155m in cash, and we do not expect it to require further financing.

Exhibit 5: Financial summary

NOK'000s

2015

2016

2017e

2018e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

134,717

143,627

145,499

242,457

Cost of Sales

(8,221)

(9,337)

(11,572)

(16,947)

Gross Profit

126,496

134,291

133,927

225,510

Sales, General and Administrative Expenses

(115,025)

(124,647)

(155,241)

(194,052)

Research and Development Expense

(29,558)

(17,652)

(20,800)

(21,632)

EBITDA

 

 

(18,087)

(8,008)

(42,114)

9,827

Operating Profit (before amort. and except)

(21,986)

(15,861)

(53,660)

827

Intangible Amortisation

0

0

0

0

Other

0

0

0

0

Exceptionals

0

0

0

0

Operating Profit

(21,986)

(15,861)

(53,660)

827

Net Interest

4,553

28,640

4,742

4,932

Other

(9,771)

(366)

(313)

0

Profit Before Tax (norm)

 

 

(17,434)

12,779

(48,918)

5,758

Profit Before Tax (FRS 3)

 

 

(27,205)

12,414

(49,231)

5,758

Tax

0

(0)

0

0

Deferred tax

(0)

(0)

(0)

(0)

Profit After Tax (norm)

(17,434)

12,779

(48,918)

5,758

Profit After Tax (FRS 3)

(27,205)

12,413

(49,231)

5,758

Average Number of Shares Outstanding (m)

21.4

21.5

21.6

21.9

EPS - normalised (ore)

 

 

(82)

59

(226)

26

EPS - FRS 3 (ore)

 

 

(127)

58

(228)

26

Dividend per share (ore)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

76,394

74,070

73,368

71,970

Intangible Assets

50,615

26,390

23,684

22,088

Tangible Assets

2,288

1,660

1,286

1,484

Other

23,490

46,020

48,398

48,398

Current Assets

 

 

171,670

212,268

167,971

177,884

Stocks

13,800

17,955

14,436

27,990

Debtors

23,844

12,323

14,660

24,246

Cash

134,026

169,239

123,571

110,344

Other

0

12,750

15,304

15,304

Current Liabilities

 

 

(34,039)

(30,637)

(28,267)

(28,267)

Creditors

(34,039)

(30,637)

(28,267)

(28,267)

Short term borrowings

0

0

0

0

Long Term Liabilities

 

 

(3,960)

(3,758)

(3,955)

(4,351)

Long term borrowings

0

0

0

0

Other long term liabilities

(3,960)

(3,758)

(3,955)

(4,351)

Net Assets

 

 

210,064

251,943

209,118

217,236

CASH FLOW

Operating Cash Flow

 

 

(21,030)

19,193

(38,207)

(5,626)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

(14,930)

(21,715)

(8,469)

(8,650)

Acquisitions/disposals

0

33,213

0

0

Financing

0

0

0

0

Dividends

0

0

0

0

Other

2,326

2,394

1,008

1,048

Net Cash Flow

(33,634)

33,085

(45,668)

(13,227)

Opening net debt/(cash)

 

 

(165,245)

(134,026)

(169,239)

(123,571)

HP finance leases initiated

0

0

0

0

Exchange rate movements

2

0

0

0

Other

2413

2129

0

0

Closing net debt/(cash)

 

 

(134,026)

(169,239)

(123,571)

(110,344)

Source: Photocure accounts, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Photocure and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

New York, NY10017

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

New York, NY10017

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Photocure and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

New York, NY10017

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

New York, NY10017

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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