headache-1540220

Big in Japan

PDL BioPharma 16 August 2018 Update
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PDL BioPharma

Big in Japan

Financial update

Pharma & biotech

 

16 August 2018

Price

US$2.38

Market cap

US$346m

Net cash ($m) at 30 June 2018

245.7

Shares in issue

145.4m

Free float

94.2%

Code

PDLI

Primary exchange

NASDAQ

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(8.1)

(14.7)

(14.7)

Rel (local)

(9.4)

(18.0)

(25.9)

52-week high/low

US$3.51

US$2.3

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 specialty pharmaceutical sales through Noden Pharma.

Next event

China launch

H119

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 reported Q218 revenues of $46.6m, with Noden product revenue of $25.9m (up 45.1% compared to Q118). Almost all of that growth came from increased sales in Asia thanks to the launch in Japan by distribution partner Orphan Pacific. Noden product revenue in the US was down slightly (1%) in the quarter compared to Q118, and the future of Tekturna in the US is now in question following a settlement agreement with Anchen Pharmaceuticals, which would allow it to enter with a generic in the US after March 1, 2019. Subsequently, the company reported a $152.3m impairment of its Noden intangible asset with the estimated fair value now at $40.1m.

Year end

Revenue ($m)

PBT* ($m)

EPS* ($)

DPS ($)

P/E (x)

Yield (%)

12/16

244.3

175.5

0.78

0.10

3.1

4.2

12/17

320.1

200.3

0.81

0.00

2.9

N/A

12/18e

176.1

47.8

0.37

0.00

6.4

N/A

12/19e

145.5

41.1

0.23

0.00

10.3

N/A

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

Changing the Tekturna sales model in the US

With a generic entrant in Q119 now more likely and little traction from its contract salesforce of over 60 people, PDL has decided to change the way Noden sells Tekturna in the US. Noden will discontinue its contract salesforce and instead contract with Archer Healthcare and focus on email, direct mail and telesales. This should help improve profitability going forward.

A boost for Noden from Asia

Noden product revenue increased from $18.3m in Q118 to $25.9m in Q218. $7.3m of that $7.6m increase came from increased sales, mainly in Japan due to the recent launch of Tekturna/Rasilez by Orphan Pacific. Importantly, Lee’s Pharmaceutical Holdings, Noden’s partner in China, Hong Kong, Macau and Taiwan, is expected to launch Tekturna/Rasilez in China in H119.

The choice of acquiring assets or buying back stock

PDL continues to be in multiple discussions to acquire additional products for the Noden franchise; however, with the discontinuation of that salesforce, there would be fewer synergies. The company recently completed a $25m share repurchase program and has stated the board will consider additional repurchase programs, a course of action that has been promoted by certain investors.

Valuation: $783m or $5.39 per share

We have adjusted our valuation from $846m or $5.62 per basic share to $783m or $5.39 per share. The lower total valuation was mainly due to adjusting Tekturna sales for upcoming generic competition as well as lower net cash. The per-share value was aided by the implementation of the share repurchase program, which has resulted in a reduction in the number of shares outstanding.

Q218 results

PDL recently reported Q218 results with revenues of $46.6m, up 20.9% compared to Q118. This increase was mainly due to strong sequential revenue growth from Noden products, which increased by 45.1% from $18.3m to $25.9m. Orphan Pacific’s launch in Japan in March is the main driver behind this growth. Asia is becoming progressively more important for Noden, with Asian sales accounting for 33.7% of Noden product sales in the quarter, up from 7.7% of sales last quarter. This percentage is likely to rise as the Japan launch continues and with Lee’s Pharmaceutical Holdings, which has licensed the rights to Tekturna/Rasilez in China, Hong Kong, Macau and Taiwan, expected to launch in China in H119. We don’t currently include any revenues for Tekturna/Rasilez in China, so any meaningful sales there could provide additional upside. With regard to patent protection in Japan and China, Noden has formulation patents in both areas that expire in March 2025. There is also a composition of matter patent in Japan that expires in November 2021.

While Tekturna/Rasilez is currently doing well in Asia, its future in the US is in doubt. In June, the company entered into a settlement agreement with Anchen Pharmaceuticals, a subsidiary of Par Pharmaceuticals, and the sole abbreviated new drug application (ANDA) filer for a generic version of the product. As per the settlement agreement, Anchen Pharmaceuticals may market its generic version of Tekturna after March 1, 2019. However, this agreement only covers its proprietary formulation of the drug, which is not an identical copy to the currently marketed version, making it unclear if it would be substitutable or if it would require a specific prescription from the doctor. Also, the FDA has yet to approve Anchen’s ANDA and it is unclear if Anchen will actually launch the product due to the difficulty of manufacturing it.

Due to the settlement, and greater likelihood for a generic entry, the company has written down $152.3m of the value of the Noden intangible asset, leaving $40.1m in value at the end of Q218. This was partially offset by a $22.5m decrease in the fair value of the contingent liability as the company is less likely to need to pay certain milestones to Novartis, from which it acquired Tekturna/Rasilez.

The company has taken additional action by restructuring the commercial organization. Previously relying on a 60+ person contract salesforce, PDL has now decided to contract with Archer Healthcare and focus on email, direct mail and telesales. This change will be effective in August so there should be a boost in profitability going forward. It is unclear what the impact of discontinuing the contract salesforce will have on Tekturna/Rasilez sales in the US, but as it seems to have made little headway in reversing the exponential decline in prescriptions, the impact may be minimal.

Additionally, LENSAR, which was acquired in May 2017, saw Q218 revenues of $5.9m up 18% compared to Q118. Profitability, however, declined with a loss of $1.9m for the quarter compared to $0.6m in Q118. Also, PDL amended its agreement with Depomed related to the Depomed royalties that cover a variety of type 2 diabetes products. In the original agreement, once total cash received by PDL totals $481m (twice what PDL originally invested), Depomed is entitled to half of the future royalties from the products covered by the agreement. Originally, the company expected to hit the $481m milestone in 2023 but now expects it to occur in late 2020 and has paid $20m to Depomed to eliminate that royalty sharing so that PDL can fully benefit from the product royalties.

To buy or repurchase?

PDL continues to actively pursue additional products for the Noden franchise. Multiple sets of negotiations are currently underway, although the company has terminated several discussions due to price or information uncovered in due diligence. However, the prospects of PDL completing an additional acquisition are uncertain. With markets near the highs, asset prices are anything but cheap and this management has historically been very price-sensitive with regard to acquisitions. It is possible that it may need to wait for a significant downturn in order to get a deal on favourable terms. Also, the logic of doing a deal following the restructuring of the Noden commercial franchise is unclear, as there would have been operational synergies in using one salesforce for multiple products – but those synergies are not there now, as there is no salesforce. Instead, the company may decide to focus more on stock buybacks that would be strongly earnings accretive and would make sense with the company trading far below its book value ($4.85 per share as of end-Q218). So far, PDL has completed two stock repurchase programs totalling $55m, lowering shares outstanding by approximately 11% since the first repurchase program in March 2017. And certain investors, such as activist SevenSaoi, have publicly called on the company to accelerate the pace of its buyback program.

Valuation

We have adjusted our valuation from $846m or $5.62 per basic share to $783m or $5.39 per share. The lower total valuation was mainly due to adjusting Tekturna sales for upcoming generic competition in the US (which reduced the value of Noden in our model from $46.4m to $23.8m), as well as lower net cash. The per-share value was aided by the completion of its $25m share repurchase program in July, which has resulted in a reduction in the number of shares outstanding.

Exhibit 1: PDL valuation

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

$214.1

$281.8

VB

Royalty on Spine Implant

Undisclosed

$14.7

$16.5

University of Michigan

Royalty on Cerdelga

2022

$26.1

$14.4

Wellstat

Note (Impaired)

Unknown

$50.2

$50.2

Hyperion

Note (Impaired)

Unknown

$1.2

$1.2

Lensar

Equity

N/A

$53.1

Acelrx

Royalty on Zalviso

2027

$77.4

$75.2

Careview

Note

2022

$19.4

$20.5

Noden

Equity

N/A

$40.1

$23.8

Kybella

Royalty

Unknown

$2.8

$0.9

Total

 

 

 

$538

Net Cash (Q218) ($m)

$245.7

Total firm value ($m)

$783

Total basic shares (m)

145.4

Value per basic share ($)

$5.39

Total options

0.0

Total number of shares

145.4

Diluted value per share ($)

$5.39

Source: Edison Investment Research

Financials

We have increased our estimated FY18 revenues from $156.6m to $176.1m, but decreased our estimated FY19 revenues from $158.8m to $145.5m. The increase in FY18 revenue estimates was due to much stronger than expected sales for Noden due to the recent launch in Japan. The decrease in FY19 revenues was due to the expectation for generic competition in the US in Q119, but was partly mitigated by the strong sales in Japan. We have increased our SG&A estimates from $69.7m to $74.0m for FY18, and from $72.5m to $76.9m for FY19, due to a higher than expected run rate. The company ended the quarter with $395.7m in cash ($245.7m in net cash).

Exhibit 2: Financial summary

$000s

2016

2017

2018e

2019e

Year-end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

PROFIT & LOSS

Revenue

 

 

244,301

320,060

176,051

145,461

Cost of Sales

(4,065)

(30,537)

(45,465)

(27,116)

Gross Profit

240,236

289,523

130,586

118,345

General & Administrative

(43,287)

(63,324)

(73,979)

(76,938)

EBITDA

 

 

193,129

218,818

53,742

38,542

Operating Profit (before amort. and except.)

193,129

218,818

53,742

38,542

Intangible Amortisation

(12,028)

(24,689)

(15,077)

(15,077)

Other

0

0

0

0

Exceptionals

(51,699)

(349)

(129,595)

0

Operating Profit

129,402

193,780

(90,930)

23,465

Net Interest

(17,679)

(18,562)

(5,976)

2,521

Other

(2,353)

9,309

0

0

Profit Before Tax (norm)

 

 

175,450

200,256

47,766

41,063

Profit Before Tax (FRS 3)

 

 

109,370

184,527

(96,906)

25,986

Tax

(45,711)

(73,826)

7,569

(5,457)

Deferred tax

(0)

(0)

(0)

(0)

Profit After Tax (norm)

129,739

126,430

55,335

35,606

Profit After Tax (FRS 3)

63,659

110,701

(89,337)

20,529

Minority interest

(53)

(47)

0

0

Profit After Tax less Minority Interest (FRS 3)

63,606

110,654

(89,337)

20,529

Average Number of Shares Outstanding (m)

163.8

155.4

149.2

152.1

EPS - normalised ($)

 

 

0.78

0.81

0.37

0.23

EPS - FRS 3 ($)

 

 

0.39

0.71

(0.60)

0.13

Dividend per share (c)

10.03

0.00

0.00

0.00

Gross Margin (%)

98.3

90.5

74.2

81.4

EBITDA Margin (%)

79.1

68.4

30.5

26.5

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

79.1

68.4

30.5

26.5

BALANCE SHEET

Fixed Assets

 

 

818,949

611,827

422,704

323,761

Intangible Assets

228,542

215,823

52,072

52,072

Tangible Assets

1,631

16,369

17,105

19,209

Royalty rights

402,318

349,223

315,061

226,844

Other

186,458

30,412

38,466

25,637

Current Assets

 

 

395,147

631,296

545,819

650,953

Stocks

0

0

0

0

Debtors

40,120

31,183

19,531

19,531

Cash

147,154

527,266

447,602

552,736

Other

207,873

72,847

78,686

78,686

Current Liabilities

 

 

(130,315)

(193,109)

(45,723)

(45,723)

Creditors

(7,016)

(19,785)

(11,212)

(11,212)

Short term borrowings

0

(126,066)

0

0

Other

(123,299)

(47,258)

(34,511)

(34,511)

Long Term Liabilities

 

 

(329,649)

(204,124)

(191,202)

(191,202)

Long term borrowings

(232,443)

(117,415)

(124,503)

(124,503)

Other long term liabilities

(97,206)

(86,709)

(66,699)

(66,699)

Net Assets

 

 

754,132

845,890

731,598

737,789

Minority Interests

0

0

0

0

Shareholder equity

 

 

754,132

845,890

731,598

737,789

CASH FLOW

Operating Cash Flow

 

 

101,718

40,624

(7,936)

(653)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

(109,963)

(1,297)

(8,949)

(1,455)

Acquisitions/disposals

13,082

128,415

78,198

102,754

Financing

0

0

0

0

Dividends

(16,583)

(222)

0

0

Other

(47,629)

212,592

(14,530)

4,488

Net Cash Flow

(59,375)

380,112

46,783

105,134

Opening net debt/(cash)

 

 

38,918

85,289

(283,785)

(323,099)

HP finance leases initiated

0

0

0

0

Exchange rate movements

0

0

0

0

Other

13,004

(11,038)

(7,469)

0

Closing net debt/(cash)

 

 

85,289

(283,785)

(323,099)

(428,233)

Source: PDL BioPharma 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. 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.

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295 Madison Avenue, 18th Floor

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Sydney +61 (0)2 8249 8342

Level 4, Office 1205

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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 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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