BARHEMSYS launched, BYFAVO hot on its heels

Acacia Pharma 6 November 2020 Update
Download PDF

Acacia Pharma

BARHEMSYS launched, BYFAVO hot on its heels

Corporate update

Pharma & biotech

6 November 2020

Price

€2.10

Market cap

€183m

US$1.19:€

Net cash ($m) at 30 June 2020

21.9

Shares in issue

87.5m

Free float

78%

Code

ACPH

Primary exchange

Euronext

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(1.4)

(16.9)

23.7

Rel (local)

1.2

(13.7)

48.4

52-week high/low

€3.62

€1.67

Business description

Acacia Pharma is a commercial-stage biopharmaceutical company focused on commercialising novel products to improve the care of patients undergoing serious medical treatments such as surgery, invasive procedures or chemotherapy. It has two assets: BARHEMSYS (launched for the treatment of PONV in the US) and in-licensed asset BYFAVO (for procedural sedation).

Next events

BYFAVO US launch

End December 2020/
Early January2021

First sales figures at FY20 results

February 2021

Analysts

Dr Susie Jana

+44 (0)20 3077 5700

Dr John Priestner

+44 (0)20 3077 5700

Acacia Pharma is a research client of Edison Investment Research Limited

So far, 2020 has been transformational for Acacia Pharma. Significant milestones include two US drug approvals: BARHEMSYS (amisulpride injection) for the management of PONV and BYFAVO (remimazolam), an IV sedative for use during invasive medical procedures. BARHEMSYS was launched in the US (August) at a higher price than originally forecast. BYFAVO has now completed all regulatory requirements (DEA drug scheduling); we anticipate launch around the year end so have pushed out sales trajectories for both accordingly. We have reviewed our assumptions and increase our valuation to €1,170m.

Year end

Revenue ($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/18

0.0

(21.6)

(0.45)

0.00

N/A

N/A

12/19

0.0

(23.5)

(0.37)

0.00

N/A

N/A

12/20e

0.2

(30.0)

(0.32)

0.00

N/A

N/A

12/21e

8.0

(40.4)

(0.45)

0.00

N/A

N/A

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

Two US approvals, two drug launches in 12 months

We expect early BARHEMSYS sales to trickle through as Acacia focuses on formulary wins against a tough COVID-19 background. A backlog of surgical procedures could aid early sales adoption; however, formulary wins are key for initial sales in the hospital setting. BYFAVO has been designated a Schedule IV (low potential for abuse and low risk of dependence) medicine by the US Drug Enforcement Agency; importantly, this is in line with its benzodiazepine peers. The pandemic has led to the inclusion of competitor procedural anaesthetics (midazolam and propofol) on the FDA drug shortage list, thus a timely launch of BYFAVO is key to benefit from increased pent up demand of these drug classes.

Investing for future growth

Acacia has near-term funding in place through the €45m combined equity investment and loan facility under the Cosmo deal and the €25m gross equity raise in August. This has enabled expansion of the commercial team by ~30 new hires in H220 to support the launch of both assets. Additional funding will be needed in late Q421 for further launch support. Given Acacia’s operational focus on the US and the opportunities for BARHEMSYS and BYFAVO in this key market, we believe a Nasdaq listing would be appropriate to further widen the investor base.

Valuation: €1,170m or €13.4/share

Our revised valuation is €1,170m or €13.4/share vs €989m or €11.6/share previously. We increase our forecast for peak BARHEMSYS sales to $405.3m to reflect a higher launch price and maintain BYFAVO sales of $125.6m. We have pushed back the sales trajectory for both by one year to reflect H220 launches and apply a 10% discount rate (vs 12.5%) to reflect the BARHEMSYS launch and BYFAVO’s imminent launch status. We have reduced our SG&A and R&D assumptions for FY20 and FY21, roll our model forward, update FX and reflect a net cash position of $21.9m at 30 June 2020.

Financials: Cash runway extended to Q421

We have reassessed our FY20 sales forecasts and FY21 sales trajectory for BARHEMSYS and BYFAVO, taking into account the potential late December 2020/early January 2021 launch of BYFAVO, late August 2020 launch of BARHEMSYS and the effect of COVID-19 on hospital formulary discussions. This has led to a reduction in our FY20 revenue forecasts, effectively pushing back our sales ramp up by a year for both assets. We now forecast revenues in FY20 of $0.2m (vs $2.1m), growing to $8.0m in FY21 (vs $28.8m). We have increased our forecast peak BARHEMSYS sales to $405.3m (vs $386.7m) to reflect a slightly higher launch price of $42.5 (vs $40.0) per 5mg vial (prophylactic dose) and $85.0 (vs $80.0) for a 10mg (rescue dose). Our forecast for peak BYFAVO sales of $125.6m is unchanged. As such, our revised FY21 forecasts could be conservative if, subject to formulary wins, the pent-up demand for surgical procedures and sedative drug shortages in the US lead to early sales uptake of Acacia’s products. Although we note that further delays in elective procedures are a distinct possibility and represent potential downside.

We have reduced our SG&A assumptions for FY20 to $26.0m (vs $31.6m) and FY21 to $42.2m (vs $54.7m), as we reduce sales force in 2020 to 30 reps (from 60 reps). We forecast a net operating loss of $27.3m in FY20 and $37.3m in FY21 and that Acacia will reach breakeven in 2024 (vs 2023 previously as we have pushed back the sales trajectory for both products by one year to reflect H220 launches). Management has reviewed its sales reps and support staff requirements within the context of COVID-19 and with greater efficiencies in targeting hospitals in place (virtual meetings with multiple P&T committees), it believes the initial deployment of 30 reps growing to ~60 reps by 2023 is the optimal size for now. We note that significant risk remains around commercial execution, particularly as continued financial investment in the launch of both products will require Acacia to raise further funds in 2021.

Acacia had previously drawn $10m from Hercules Technology Growth Capital (Hercules), as of 30 June approximately $7.8m of principal remains outstanding. The deal with Cosmo provides an additional €25m loan facility, interest-rate only until January 2023 and repayable over the following 24 months from then. Until the Hercules debt is fully repaid, the Cosmo loan interest is 11%, after which it decreases to 9%. Acacia reported cash and cash equivalents of $21.9m at 30 June 2020. Post the period end in August, Acacia raised €25m gross through the placing of 12.5m shares. Thus, including Cosmo’s equity investments (€20m), Acacia has gained access to €70m additional capital in the form of debt and equity this year to date. To fund further expansions in US operations, we forecast that an additional c $70m will need to be raised in 2021–22 ($35m in 2021 and $35m in 2022). We note that, for simplicity, in our model we illustrate this as long-term debt funding. A US listing could make sense in the future depending on market conditions and, importantly, Acacia’s status quo post approval of BARHEMSYS and BYFAVO with sales.

Valuation: €1,170m or €13.4/share

Our revised valuation is €1,170m or €13.4/share vs €989m or €11.6/share previously. The main source of the uplift relates to the higher BARHEMSYS pricing and application of a 10% discount rate (vs 12.5%) to reflect the BARHEMSYS launch (post-operative nausea and vomiting (PONV)) and BYFAVO imminent launch. This has been offset by pushing back the sales ramp up for both by one year and the BARHEMSYS CINV approval by one year.

Exhibit 1: Valuation

Product

Indication

Launch

Peak sales ($m)

Value ($m)

Probability

rNPV ($m)

rNPV (€m)

rNPV/share (€)

BARHEMSYS US only

PONV

2020

405.3

1,091.5

100%

1,091.5

920.1

10.5

APD403 US only

CINV

2025

107.9

57.6

30%

13.7

11.6

0.1

BYFAVO US only

Procedural sedation

2020

125.6

260.8

100%

260.8

219.9

2.5

Net cash at 30 June 2020

 

 

 

21.9

100%

21.9

18.5

0.2

Valuation

 

 

 

1,431.8

1,387.9

1,170.0

13.4

Source: Edison Investment Research

Exhibit 2: Financial summary

Year end 31 December (US$m)

 

 

2018

2019

2020e

2021e

PROFIT & LOSS

 

 

 

 

 

 

Revenue

 

 

0.0

0.0

0.2

8.0

Operating revenues

 

 

0.0

0.0

0.2

8.0

Cost of sales

 

 

0.0

0.0

(0.0)

(0.5)

Gross profit

 

 

0.0

0.0

0.2

7.5

Gross margin %

 

 

n/a

n/a

1.0

0.9

SG&A (expenses)

 

 

(15.0)

(18.5)

(26.0)

(42.2)

R&D costs

 

 

(5.0)

(3.9)

(1.5)

(2.6)

Other income/(expense)

 

 

0.0

0.0

0.0

0.0

EBITDA (reported)

 

 

(20.0)

(22.4)

(27.3)

(37.3)

Depreciation and amortisation

 

 

0.0

0.0

0.0

0.0

Reported Operating Income

 

 

(20.0)

(22.4)

(27.3)

(37.3)

Operating Margin %

 

 

n/a

n/a

n/a

n/a

Finance income/(expense)

 

 

(1.5)

(1.1)

(2.7)

(3.1)

Exceptionals and adjustments

 

 

0.0

0.0

0.0

0.0

Reported PBT

 

 

(21.6)

(23.5)

(30.0)

(40.4)

Income tax expense (includes exceptionals)

 

 

0.9

0.7

0.7

0.7

Reported net income

 

 

(20.7)

(22.8)

(29.4)

(39.7)

Basic average number of shares, m

 

 

44.1

53.7

73.5

87.5

Year-end number of shares, m

 

 

53.3

54.9

87.5

87.5

Basic EPS ($)

 

 

(0.47)

(0.43)

(0.40)

(0.45)

Adjusted EPS ($)

 

 

(0.45)

(0.37)

(0.32)

(0.45)

Dividend per share ($)

 

 

0.00

0.00

0.00

0.00

BALANCE SHEET

 

 

 

 

 

 

Property, plant and equipment

 

 

0.0

0.0

0.2

0.6

Goodwill

 

 

0.0

0.0

0.0

0.0

Intangible assets

 

 

0.0

0.0

0.0

0.0

Other non-current assets

 

 

0.0

0.4

82.5

88.4

Total non-current assets

 

 

0.0

0.4

82.7

88.9

Cash and equivalents

 

 

37.4

17.0

34.8

24.9

Inventories

 

 

0.0

0.0

0.0

1.1

Trade and other receivables

 

 

0.4

0.6

0.0

1.4

Other current assets

 

 

0.9

0.7

0.7

0.7

Total current assets

 

 

38.7

18.3

35.5

28.0

Non-current loans and borrowings

 

 

8.9

4.7

29.4

64.4

Other non-current liabilities

 

 

0.0

0.0

0.0

0.0

Total non-current liabilities

 

 

8.9

4.7

29.4

64.4

Trade and other payables

 

 

4.7

4.2

3.6

5.8

Current loans and borrowings

 

 

0.5

5.5

4.7

0.0

Other current liabilities

 

 

0.0

0.0

0.0

0.0

Total current liabilities

 

 

5.2

9.6

8.3

5.8

Equity attributable to company

 

 

24.7

4.3

80.6

46.8

CASH FLOW STATEMENT

 

 

 

 

 

 

Profit before tax

 

 

(21.6)

(23.5)

(30.0)

(40.4)

Depreciation and amortisation

 

 

0.0

0.1

0.0

0.1

Share based payments

 

 

0.6

2.4

1.4

0.0

Other adjustments

 

 

1.6

1.1

2.7

3.1

Movements in working capital

 

 

(3.9)

(0.8)

(0.0)

(0.2)

Interest paid

 

 

0.0

0.0

(1.7)

(3.7)

Income taxes paid

 

 

0.4

0.8

0.7

0.7

Cash from operations (CFO)

 

 

(15.4)

(19.8)

(27.0)

(40.5)

Capex

 

 

0.0

0.0

(0.3)

(0.4)

Acquisitions & disposals net

 

 

0.0

0.0

0.0

0.0

Other investing activities

 

 

0.2

0.4

0.9

0.6

Cash used in investing activities (CFIA)

 

 

0.2

0.4

(16.9)

0.2

Net proceeds from issue of shares

 

 

47.1

0.2

39.7

0.0

Movements in debt

 

 

1.8

(1.0)

23.9

30.3

Other financing activities

 

 

0.0

(0.1)

0.0

0.0

Cash from financing activities (CFF)

 

 

48.9

(0.9)

63.6

30.3

Cash and equivalents at beginning of period

 

 

4.1

37.4

17.0

34.8

Increase/(decrease) in cash and equivalents

 

 

33.3

(20.4)

17.8

(10.0)

Cash and equivalents at end of period

 

 

37.4

17.0

34.8

24.9

Net (debt)/cash

 

 

28.1

6.9

0.8

(39.5)

Source: Acacia Pharma, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by Acacia Pharma and prepared and issued by Edison, in consideration of a fee payable by Acacia Pharma. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: 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 and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. 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.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, 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 securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. 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, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

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. 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 (i.e. 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.

United Kingdom

This document is prepared and provided by Edison 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.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison 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. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Acacia Pharma and prepared and issued by Edison, in consideration of a fee payable by Acacia Pharma. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: 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 and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. 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.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, 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 securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. 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, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

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. 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 (i.e. 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.

United Kingdom

This document is prepared and provided by Edison 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.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison 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. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Share this with friends and colleagues