headache-1540220

A strong year

PDL BioPharma 21 March 2018 Update
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PDL BioPharma

A strong year

Financial update

Pharma & biotech

21 March 2018

Price

US$2.96

Market cap

US$457m

Net cash ($m) at 31 December 2017

288.6

Shares in issue

153.8m

Free float

90.3%

Code

PDLI

Primary exchange

NASDAQ

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

18.2

(2.7)

32.1

Rel (local)

19.1

(3.8)

15.8

52-week high/low

US$3.51

US$1.98

Business description

PDL BioPharma is reinventing itself as a healthcare-focused finance company through a three-pronged strategy: investing in royalty streams; providing high-yield financing to life science companies with near-term product launches; and purchasing approved drugs to be sold by Noden Pharma.

Next events

Acquire additional products for Noden platform

2018

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

PDL BioPharma is a research client of Edison Investment Research Limited

PDL recently reported results for 2017. Revenue grew by 31% compared to 2016 to $320.1m as the company transitioned away from royalties related to the Queen et al. patents to product revenue related to its Noden and Lensar subsidiaries as well as royalties from the Depomed assets. The company also recently announced that it was abandoning the Neos buyout bid as the two parties could not agree on terms. We expect PDL to continue to pursue additional commercial assets for its portfolio.

Year
end

Revenue
($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/16

244.3

175.5

0.78

0.10

3.8

3.3

12/17

320.1

200.3

0.81

0.00

3.7

N/A

12/18e

173.8

61.6

0.36

0.00

8.2

N/A

12/19e

180.9

71.7

0.40

0.00

7.4

N/A

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

Tekturna/Rasilez licensing agreements in Asia

In December, PDL’s subsidiary Noden Pharmaceuticals licensed the rights to Tekturna/Rasilez in China, Hong Kong, Macau and Taiwan to Lee’s Pharmaceutical Holdings, a Hong Kong-based pharmaceutical company with approximately $125m in revenues over the previous 12 months. As part of the agreement, Noden will receive guaranteed minimum payments. Noden has also entered into a distribution agreement with Orphan Pacific to distribute Tekturna/Rasilez in Japan.

50% sequential growth at LENSAR

Quarterly revenues for LENSAR, which PDL acquired in May 2017, were up 50% to $7.5m compared to $5m in Q317, mainly due to a number of transactions outside of the United States, predominantly in China. Importantly, expenses related to LENSAR were down slightly from $10.6m in Q317 to $10m in Q417, bringing the subsidiary closer to break even.

$25m share repurchase program to be implemented

In September 2017, PDL announced a $25m share repurchase program that will run through to September 2018. Blackout periods and the Neos buyout bid attempt have delayed the start of the program but these restrictions will soon lift and the program should start be implemented soon. With a book value ($5.54 per share as of the end of 2017) that is much higher than the current stock price, share repurchases are strongly earnings accretive.

Valuation: $858m or $5.58 per share

Our valuation has increased to $858m or $5.58 per share from $796m or $5.16 per share. This was mainly due to a higher valuation for the Depomed assets due to the statutory corporate tax rate in the US decreasing from 35% to 21%. A higher net cash balance also increased the valuation. This was mitigated in part by a lower value for Noden as we raised our expense estimates going forward.

FY17 results

PDL recently reported 2017 results and provided an update on its assets. For the full year, revenues were up 31% to $320.1m from $244.3m in 2016. The change in fair value of royalty rights was $162.3m for the year, up from $16.2m last year. The Depomed assets accounted for $165.6m of the $162.3m (there were some fair value decreases in the other royalty assets, especially those related to Cerdelga and Kybella) as this investment continues to pay off. Through the end of 2017, PDL has received cash royalty payments of $308.5m from its $240.5m investment in the Depomed assets.

With regards to Noden, net revenue for the quarter was $25.1m (14.5m in the US and $10.6m in the rest of the world), up 66% from $15.1m in Q317 ($11.5m in the US and $3.6m internationally) as the commercialization of Tekturna/Rasilez in Switerland and the EU was transferred from Novartis to Noden in November 2017. As a reminder, prior to November, Noden booked revenue outside the US net of cost of goods as well as a separate fee to Novartis so the change has increased both revenues and cost of goods. The company will focus on selling in profitable countries and recently discontinued marketing in a few European countries, such as France, where the product was not making money.

In December, Noden licensed the rights to Tekturna/Rasilez in China, Hong Kong, Macau and Taiwan to Lee’s Pharmaceutical Holdings, a Hong Kong-based pharmaceutical company with approximately $125m in revenues over the previous 12 months. As part of the agreement, there will be guaranteed minimum payments due to Noden from Lee’s. Also, Lee’s is prepared to invest in combination studies with Tekturna/Rasilez and calcium channel blockers, which are much more commonly used in China, in order to increase uptake of the product. In Japan, Tekturna/Rasilez is now being distributed by Orphan Pacific, which has already started shipping product.

LENSAR, which was acquired in May 2017, saw Q417 revenues up 50% to $7.5m compared with $5m in Q317, mainly due to a number of transactions outside the US, predominantly in China. Importantly, expenses related to LENSAR were down slightly from $10.6m last quarter to $10m in Q417, bringing the subsidiary closer to break even.

With regards to the rest of PDL’s portfolio, royalties from Tysabri continue to decrease as supplies of product manufactured before patent expiration are dwindling. PDL received $4.5m in revenue related to Tysabri in Q417 and revenues associated with the product are expected to continue to fall over the course of 2018 and cease altogether after Q119. With regards to the CareView note receivable, the company entered into a modification agreement in February that saw the liquidity covenant lowered and the principal repayment delayed for a period up to the end of 2018. In exchange, the exercise price of 4.4m warrants owned by PDL was decreased and PDL was granted additional equity interests.

Valuation

Our valuation has increased to $858m or $5.58 per share from $796m or $5.16 per share. This was mainly due to a higher valuation for the Depomed assets as a result of the statutory corporate tax rate in the US decreasing from 35% to 21%. A higher net cash balance also increased the valuation. Our valuation of LENSAR has increased from $50.2m to $52.3m as our raised revenue assumptions have a positive effect on the company’s long-term profitability. This is mitigated in part by a lower value for Noden ($55.5m versus $59.8m previously) as we have increased our expense estimates.

Exhibit 1: PDL valuation table

Royalty/Note

Type

Expiration year

PDL balance sheet carrying value ($m)

NPV ($m)

Queen et al

Royalty

2015

N/A

N/A

Depomed

Royalty on Glumetza and other products

2024

$232.0

$281.8

VB

Royalty on Spine Implant

Undisclosed

$14.4

$16.5

University of Michigan

Royalty on Cerdelga

2022

$26.8

$14.4

Wellstat

Note (Impaired)

Unknown

$50.2

$50.2

Hyperion

Note (Impaired)

Unknown

$1.2

$1.2

Avinger

Royalty

2018

$0.4

$0.4

Lensar

Equity

N/A

$52.3

Acelrx

Royalty on Zalviso

2027

$72.9

$75.2

Careview

Note

2022

$19.3

$20.5

Noden

Equity

N/A

N/A

$55.5

Kybella

Royalty

Unknown

$2.7

$1.7

Total

 

 

 

$570

Net cash (Q417) ($m)

$288.6

Total firm value ($m)

$858

Total basic shares (m)

153.8

Value per basic share ($)

$5.58

Total options (m)

0.6

Total number of shares (m)

154.4

Diluted value per share ($)

$5.56

Source: Edison Investment Research

Financials

PDL reported revenue of $68.0m for Q417, which was higher than our $43.2m estimate (due to higher than expected revenues from royalty assets, Noden and LENSAR) and up 8% sequentially from $62.7m in Q317. We have increased our estimated FY18 revenues from $104.2m to $173.8m as we have increased our revenue estimates for Noden which is now booking ex-US revenues. We have also increased our LENSAR estimates due to a strong quarter. In addition, we introduce 2019 estimates which include $180.1m in revenues, up 4.0% compared with 2018.

Due to the high COGS for Tekturna/Rasilez outside of the United States we have increased our estimate for COGS for 2018 from $9.4m to $37.8m. R&D and SG&A spending totaled $17.0m in Q417, down slightly from $17.6m in Q217. We have trimmed our estimates for these line items for 2018 from $71.0m to $69.5m. The company ended the quarter with $527.3m in cash and $4.8m in short-term investments. Subsequent to the quarter, the company paid back the principal ($126.4m) plus $2.6m in accrued interest on its 2018 convertible notes in February.

In September, PDL announced a $25m share repurchase program that will run through to September 2018. Blackout periods and the Neos buyout bid attempt have delayed the start of the program. These restrictions will soon lift and the program should start be implemented soon. With a book value ($5.54 per share as of the end of 2017) that is much higher than the current stock price, share repurchases are strongly earnings accretive.

Exhibit 2: Financial summary

$000s

2015

2016

2017

2018e

2019e

Year end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

US GAAP

PROFIT & LOSS

Revenue

 

 

590,448

244,301

320,060

173,841

180,875

Cost of Sales

0

(4,065)

(30,537)

(37,814)

(34,838)

Gross Profit

590,448

240,236

289,523

136,027

146,037

General & Administrative

(36,090)

(43,287)

(63,324)

(65,857)

(68,491)

EBITDA

 

 

550,379

193,129

218,818

66,479

73,855

Operating Profit (before amort. and except).

550,379

193,129

218,818

66,479

73,855

Intangible Amortisation

0

(12,028)

(24,689)

(24,689)

(24,689)

Other

(3,979)

0

0

0

0

Exceptionals

0

(51,699)

(349)

0

0

Operating Profit

550,379

129,402

193,780

41,790

49,166

Net Interest

(26,691)

(17,679)

(18,562)

(4,900)

(2,118)

Other

6,450

(2,353)

9,309

0

0

Profit Before Tax (norm)

 

 

530,138

175,450

200,256

61,579

71,737

Profit Before Tax (FRS 3)

 

 

530,138

109,370

184,527

36,890

47,048

Tax

(197,343)

(45,711)

(73,826)

(7,747)

(9,880)

Deferred tax

(0)

(0)

(0)

(0)

(0)

Profit After Tax (norm)

332,795

129,739

126,430

53,832

61,857

Profit After Tax (FRS 3)

332,795

63,659

110,701

29,143

37,168

Minority interest

0

(53)

(47)

(47)

0

Profit After Tax less Minority Interest (FRS 3)

332,795

63,606

110,654

29,096

37,168

Average Number of Shares Outstanding (m)

163.4

163.8

155.4

151.3

154.3

EPS - normalised ($)

 

 

2.04

0.78

0.81

0.36

0.40

EPS - FRS 3 ($)

 

 

2.04

0.39

0.71

0.19

0.24

Dividend per share (c)

60.17

10.03

0.00

0.00

0.00

Gross Margin (%)

100.0

98.3

90.5

78.2

80.7

EBITDA Margin (%)

93.2

79.1

68.4

38.2

40.8

Operating Margin (before GW and except.) (%)

93.2

79.1

68.4

38.2

40.8

BALANCE SHEET

Fixed Assets

 

 

733,468

818,949

611,827

543,717

440,037

Intangible Assets

0

228,542

215,823

191,134

191,134

Tangible Assets

31

1,631

16,369

11,826

14,284

Royalty rights

399,204

402,318

349,223

310,345

223,448

Other

334,233

186,458

30,412

30,412

11,170

Current Assets

 

 

279,731

395,147

631,296

608,226

734,715

Stocks

0

0

0

0

0

Debtors

0

40,120

31,183

31,183

31,183

Cash

218,883

147,154

527,266

504,196

630,685

Other

60,848

207,873

72,847

72,847

72,847

Current Liabilities

 

 

(36,662)

(130,315)

(193,109)

(67,043)

(67,043)

Creditors

(394)

(7,016)

(19,785)

(19,785)

(19,785)

Short term borrowings

(24,966)

0

(126,066)

0

0

Other

(11,302)

(123,299)

(47,258)

(47,258)

(47,258)

Long Term Liabilities

 

 

(283,485)

(329,649)

(204,124)

(210,691)

(210,691)

Long term borrowings

(232,835)

(232,443)

(117,415)

(123,982)

(123,982)

Other long term liabilities

(50,650)

(97,206)

(86,709)

(86,709)

(86,709)

Net Assets

 

 

693,052

754,132

845,890

874,210

897,017

Minority Interests

0

0

0

0

0

Shareholder equity

 

 

693,052

754,132

845,890

874,210

897,017

CASH FLOW

Operating Cash Flow

 

 

301,465

101,718

40,624

25,264

22,462

Net Interest

0

0

0

0

0

Tax

0

0

0

0

0

Capex

(9)

(109,963)

(1,297)

(1,738)

(1,809)

Acquisitions/disposals

(71,593)

13,082

128,415

77,757

102,932

Financing

0

0

0

0

0

Dividends

(98,307)

(16,583)

(222)

0

0

Other

(8,046)

(47,629)

212,592

2,095

2,903

Net Cash Flow

123,510

(59,375)

380,112

103,377

126,488

Opening net debt/(cash)

 

 

160,347

38,918

85,289

(283,785)

(380,214)

HP finance leases initiated

0

0

0

0

0

Exchange rate movements

0

0

0

0

0

Other

(2,081)

13,004

(11,038)

(6,948)

(0)

Closing net debt/(cash)

 

 

38,918

85,289

(283,785)

(380,214)

(506,703)

Source: Company 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 Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by PDL BioPharma 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 Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. 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 2018. “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

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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

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, 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

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, 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 Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by PDL BioPharma 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 Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. 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 2018. “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

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, 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

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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