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Coming to Nasdaq

Allarity Therapeutics 8 June 2021 Update
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Allarity Therapeutics

Coming to Nasdaq

Earnings update

Pharma & biotech

8 June 2021

Price

SEK0.89

Market cap

SEK215m

SEK8.88/DKK6.32/US$

Net debt (DKKm) at 31 March 2021

10.2

Shares in issue

241.8m

Free float

74%

Code

ALLR

Primary exchange

Nasdaq First North

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

4.0

(5.7)

(37.0)

Rel (local)

(0.3)

(15.3)

(55.1)

52-week high/low

SEK2.15

SEK0.64

Business description

Allarity Therapeutics is a Denmark-based biopharmaceutical company focused on oncology. Its patent-protected mRNA-based drug response predictor platform enables the identification of patients with gene expression highly likely to respond to treatment. The company is advancing PARP inhibitor stenoparib (2X-121), TKI dovitinib and microtubule inhibitor Ixempra.

Next events

Dovitinib NDA submission

2021

Stenoparib Phase II results

2022

Ixempra Phase II results

2022

Analyst

Nathaniel Calloway

+1 646 653 7036

Allarity Therapeutics is a research client of Edison Investment Research Limited

Allarity’s Q121 earnings report highlighted the progress the company has made in 2021 so far towards the potential commercialization of its three priority products. In March, the company reinitiated clinical testing of Ixempra in Europe for the treatment of breast cancer, and in April it submitted a PMA for approval of the dovitinib DRP. To finance these efforts, it has announced a rights offering of c SEK100m and a $20m upcoming investment from 3i Fund, as well as the intent to re-list on Nasdaq sometime in the near future.

Year end

Revenue (DKKm)

PBT*
(DKKm)

EPS*
(DKK)

DPS
(DKK)

P/E
(x)

Yield
(%)

12/19

0.8

(174.9)

(2.08)

0.0

N/A

N/A

12/20

0.0

(59.1)

(0.29)

0.0

N/A

N/A

12/21e

0.0

(75.0)

(0.29)

0.0

N/A

N/A

12/22e

0.0

(248.2)

(0.92)

0.0

N/A

N/A

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

Waiting on FDA response to PMA

One of the biggest near-term goals of Allarity, and one the biggest determining factors for the company’s success, is the upcoming submission of an NDA for approval of dovitinib planned for 2021. As part of this process, the company has submitted a PMA for the drug response predictor (DRP) companion diagnostic associated with dovitinib, which it hopes to have feedback on from the FDA before moving forward with the NDA submission. We expect feedback from the FDA on the PMA by the end of 2021.

USA here we come

In May 2021, Allarity announced that it had entered into a $20m securities purchase agreement with 3i Fund (New York, NY) to facilitate the re-listing of the company to Nasdaq. In the process, assets and operations will also be transferred to a US parent company. The $20m investment will be issued as convertible preferred stock in the amount of 20% ownership of the company following the transition, and 3i will receive warrants to purchase $20m in common stock at the same conversion price.

Valuation: SEK1,033m or SEK4.27

We have increased our valuation to SEK1,033m or SEK4.27 per basic share, from SEK1,007m or SEK4.21. This does not include the two financing agreements (the rights offering and the 3i deal) because they are in various stages of completion. If we include these in our valuation, we arrive at SEK1,299m or SEK2.88 per basic share (SEK2.29 diluted). If we include both of these financings, we expect the company to need around DKK577m to reach profitability (vs DKK850m previously, which did not factor in these financings).

Big upcoming readout is the PMA

By the end of Q121, Allarity had reinitiated development efforts on all three of its leading assets, dovitinib, stenoparib and Ixempra. Stenoparib was previously in a Phase II study for ovarian cancer that has been ongoing since 2019, and in March 2021 Allarity initiated a DRP-guided Phase II study of Ixempra for metastatic breast cancer. We are hopeful that following the alleviation of COVID-19 restrictions these programs can proceed smoothly. The primary endpoint of the single-arm Ixempra study is clinical benefit rate compared to historical control, with progression free survival (PFS) and overall survival (OS) as secondary endpoints.

Additionally, the company also recently submitted a PMA for approval of the dovitinib DRP companion diagnostic in April 2021. The current marketing submission is using data and patient samples gathered during the pivotal Phase III study of dovitinib performed by Novartis. We should note that the DRP was not used during this study to guide the treatment of patients, so this data is fundamentally retrospective in nature. The FDA has not historically approved PMA applications for new diagnostics intended to diagnose or guide the treatment of a disease on the basis of retrospective data. However, a benefit of the current PMA submission is that the FDA is likely to provide very useful feedback that can be used to effectively guide future clinical trial design. The agency will outline any deficiencies in the data for the current application, which could provide useful insight into its thinking regarding which parameters will be important for a registration-enabling clinical study. The goal is to submit an NDA for the drug following an approval decision for the DRP in late 2021. This NDA submission will be using data gathered by Novartis during the previous Phase III clinical study of dovitinib.

Nasdaq becomes part of recapitalisation efforts

When Allarity announced its reorganization in 2019, it had been financed in large part to that point with debt, and one of the strategic goals was to reduce this debt load. However, in subsequent years, the company has been highly reliant on dilutive financing agreements with Negma/{Park Partners and Global Corporate Finance, which have expanded the company’s share count from 70.5m when the new management took over to 241.8m as of the Q121 report. Moreover, at the end of Q121, net debt was still over SEK10m. It has been difficult for the company to both reinitiate its development programs and also to attract new investment during the COVID-19 pandemic, but it is currently in multiple efforts to refinance the company to support it through its near-term readouts.

The first component of this recapitalization is an ongoing rights offering, which we discussed in our previous report. The offering is for c SEK100m, and shareholders can subscribe for one share and one warrant (exercisable at SEK1.70) for a price of SEK0.85 (for up to 120.9m shares). The rights issue is expected to complete in early June 2021. The goal for this financing is to support the company through its two Phase II clinical studies and the submission of the dovitinib NDA and provide funding into 2022.

Additionally, Allarity has subsequently announced that it has signed a securities purchase agreement with the 3i Fund. This agreement stipulates that 3i will invest $20m in the company in exchange for a 20% ownership stake following a Nasdaq listing (as convertible preferred stock). To do this, the company intends to redomicile as a US company, and we expect the process to begin following completion of the rights issue. This recapitalization plan, subject to shareholder approval, involves the company delisting from Nasdaq First North, transferring all its assets and liabilities to a wholly-owned US subsidiary (Allarity US, a Delaware C-corp), and Allarity shareholders receiving new shares in Allarity US at an exchange ratio of 0.02 shares of this US company’s common stock for each Allarity share held.

The 3i transaction values the company at $100m (after the money), and the agreement has anti-dilutive provisions (not detailed) to decrease the conversion price should the Allarity market cap fall below this on Nasdaq. This is a significant premium to the company’s current market cap of c SEK215m ($26m). Finally, 3i is due an 8% dividend (on its $20m investment) if the average daily volume falls below $2.5m on Nasdaq.

We forecast that these two sources of new cash can finance the company through completion of its current clinical studies and the dovitinib regulatory submissions. We believe that this should be possible given the company’s current cash run rates. The company ended Q121 with DKK10.2m in net debt (SEK14.4m) and a working capital deficit of DKK23.4m. Q121 operational losses were DKK16.0m. We expect expenses to increase as the clinical programs progress in 2021 and the company makes its NDA regulatory submission. We forecast an operational loss of DKK70.9m for 2021, which remains unchanged from our previous forecasts. Other adjustments to our forecasts are small and include adjustments to financial costs based on the recent report. We include DKK650m in additional financing in our models (DKK100m in 2021, DKK250m in 2022 and 2023, DKK50m in 2024), which is a reduction from DKK850m previously, primarily on account of the 3i investment. This financing schedule also reflects an adjustment to our cash flow timing estimates (ie the lowest cash level the company will reach before raising additional capital) to bring it closer in line with our estimates for other companies, at around DKK60m. Our new financing need forecast also does not include the ongoing rights offering, which would reduce this by an additional DKK73m (over SEK100m currently guaranteed).

Valuation

We have increased our valuation to SEK1,033m or SEK4.27 per basic share, from SEK1,007m or SEK4.21. The reason for the lift in valuation from previously is due to rolling forward our NPVs and offset by slightly higher net debt. This valuation is before the rights offering and the 3i deal. The rights offering has not been completed and the 3i deal has not calculated the number of shares to be delivered (which will occur on Nasdaq listing, which itself is conditional upon shareholder approval as stated above). For illustrative purposes, we have included a calculation of how these financings would affect our valuation if completed today: SEK1,299m or SEK2.87 per basic share or preferred share equivalent (SEK2.28 fully diluted after the new warrants), which assumes conversion of the preferred shares into common stock. Otherwise our models are unchanged.

Exhibit 1: Valuation of Allarity

Development program

Indication

Clinical stage

Probability of success

Launch year

Launch pricing

Peak sales ($m)

rNPV (SEKm)

Rights offering

3i deal

Post-deal valuation

Stenoparib

Recurrent ovarian cancer

Phase II

25%

2025

$138,000

51.3

146.5

146.5

Dovitinib

Renal cancer

NDA

35–50%

2026

$145,000

175.1

723.4

723.4

Ixempra

Metastatic breast cancer

Phase II

50%

2025

$41,000

56.4

177.7

177.7

Total

 

 

 

 

 

 

1047.7

1047.7

Net debt (Q121)

(14.4)

100.0

166.0

251.6

Total firm value (SEKm)

1,033.3

1,299.3

Total shares (m)

241.8

120.9

90.7

453.3

Value per basic share (SEK)

4.27

2.87

Dilutive securities (m)

22.5

120.9

90.7

234.0

Fully diluted shares in issue (m)

264.2

687.4

Fully diluted value per share (SEK)

4.03

2.28

Source: Allarity reports, Edison Investment Research

Exhibit 2: Financial summary

DKK'000s

2019

2020e

2021e

2022

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

801

0

0

0

Cost of Sales

0

0

0

0

Gross Profit

801

0

0

0

EBITDA

 

 

(66,502)

(58,958)

(69,877)

(247,181)

Operating Profit (before amort. and except.)

 

 

(148,102)

(60,017)

(70,936)

(248,240)

Intangible Amortisation

0

0

0

0

Exceptionals/Other

0

0

0

0

Operating Profit

(148,102)

(60,017)

(70,936)

(248,240)

Net Interest

(26,822)

932

(4,073)

0

Other

0

0

0

0

Profit Before Tax (norm)

 

 

(174,924)

(59,085)

(75,009)

(248,240)

Profit Before Tax (IFRS)

 

 

(174,924)

(59,085)

(75,009)

(248,240)

Tax

36,792

11,379

2,488

4,728

Deferred tax

0

0

0

0

Profit After Tax (norm)

(138,132)

(47,706)

(72,521)

(243,512)

Profit After Tax (IFRS)

(138,132)

(47,706)

(72,521)

(243,512)

Average Number of Shares Outstanding (m)

63.4

163.2

253.2*

265.9*

EPS - normalised (DKK)

 

 

(2.08)

(0.29)

(0.29)

(0.92)

EPS - IFRS (DKK)

 

 

(2.08)

(0.29)

(0.29)

(0.92)

Dividend per share (ore)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

158,895

162,973

161,933

160,893

Intangible Assets

155,978

155,720

155,720

155,720

Tangible Assets

2,917

2,134

1,094

54

Other

0

5,119

5,119

5,119

Current Assets

 

 

22,306

13,949

157,200

189,582

Stocks

0

0

0

0

Debtors

5,937

1,722

7,380

24,423

Cash

10,176

1,807

136,912

152,251

Other

6,193

10,420

12,908

12,908

Current Liabilities

 

 

(31,497)

(34,724)

(20,356)

(45,210)

Creditors

(27,919)

(24,971)

(10,603)

(35,457)

Short term borrowings

(3,578)

(9,753)

(9,753)

(9,753)

Long Term Liabilities

 

 

(8,370)

(1,615)

(108,715)

(358,715)

Long term borrowings

0

0

(107,100)

(357,100)

Other long term liabilities

(8,370)

(1,615)

(1,615)

(1,615)

Net Assets

 

 

141,334

140,583

190,063

(53,450)

CASH FLOW

Operating Cash Flow

 

 

(54,511)

(55,391)

(93,976)

(234,642)

Net Interest

(26,846)

(1,085)

0

0

Tax

8,942

5,354

0

0

Capex

(56)

(19)

(19)

(19)

Acquisitions/disposals

0

0

0

0

Financing

62,715

24,737

122,000

0

Dividends

0

0

0

0

Other

(4,253)

(572)

0

0

Net Cash Flow

(14,009)

(26,976)

28,005

(234,661)

Opening net debt/(cash)

 

 

17,345

(6,598)

7,946

(20,059)

HP finance leases initiated

0

0

0

0

Exchange rate movements

(98)

(304)

0

0

Other

38,050

12,736

0

0

Closing net debt/(cash)

 

 

(6,598)

7,946

(20,059)

214,602

Source: Allarity reports, Edison Investment Research. Note: *Does not include common shares that would result from the conversion of the preferred shares issued as part of 3i transaction

General disclaimer and copyright

This report has been commissioned by Allarity Therapeutics and prepared and issued by Edison, in consideration of a fee payable by Allarity Therapeutics. 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 2021 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

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London +44 (0)20 3077 5700

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New York +1 646 653 7026

1185 Avenue of the Americas

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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

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 Allarity Therapeutics and prepared and issued by Edison, in consideration of a fee payable by Allarity Therapeutics. 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 2021 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

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