headache-1540220

Seeking additional commercial products

PDL BioPharma 20 November 2017 Update
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PDL BioPharma

Seeking additional commercial products

Financial update

Pharma & biotech

20 November 2017

Price

US$2.84

Market cap

US$438m

Net cash ($m) at 30 September 2017

277.3

Shares in issue

154.3m

Free float

90.3%

Code

PDLI

Primary exchange

NASDAQ

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(17.7)

4.0

(5.3)

Rel (local)

(18.3)

(2.0)

(19.7)

52-week high/low

US$3.5

US$2.0

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

2017/18

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 BioPharma recently reported strong Q317 earnings, mainly due to royalties related to Depomed as well as an increase in the fair value of the Depomed assets due to a settlement agreement with Valeant related to underpayment. In addition, PDL made public its attempt to acquire Neos Therapeutics, an attention deficit hyperactivity disorder (ADHD) focused specialty pharmaceutical company, for $10.25 per share (approximately $300m based on the latest share count). Neos declined the offer, which expired on 8 November. PDL has expressed that it believes this is a fair offer and has not indicated that it will increase it.

Year
end

Revenue
($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/15

590.4

530.1

2.04

0.60

1.4

21.1

12/16

244.3

175.5

0.78

0.10

3.6

3.5

12/17e

295.2

189.5

0.77

0.00

3.7

N/A

12/18e

104.2

6.4

0.09

0.00

31.6

N/A

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

Neos buyout bid

On 26 October 2017, PDL made a hostile bid at $10.25 per share in cash for the acquisition of Neos Therapeutics (~40% premium to the stock price at the time), which currently markets two products in the US for ADHD (both are extended release oral disintegrated tablet versions of the current standards of care for ADHD) and will launch a third product early in 2018. The offer expired on 8 November and next steps are unclear.

Cash boost from kaléo note sale

In September, PDL sold its entire interest in the kaléo note for $141.7m, which included a small premium on the principal and accrued interest. This may have been done to improve its cash balance as it attempted to acquire Neos as well as to allow flexibility for future potential transactions.

New share repurchase program

In September, PDL announced a $25m share repurchase program that will run through September 2018. Previously, it had announced a $30m share repurchase program in March 2017, which it completed the following June. With a book value approximately double the stock price ($5.40 as of the end of Q317), share repurchases are strongly earnings accretive.

Valuation: $796m or $5.16 per share

Our valuation has increased slightly from $793m or $5.15 per share to $796m or $5.16 per share. This was mainly due to a higher cash balance and a higher value for Noden as we rolled forward NPVs. This was mitigated by a lower value for Lensar as we have increased our expense estimates for this year as well as the sale of the kaléo note.

Quarterly update

PDL recently reported results for Q3 and provided an update on numerous assets. Revenue from the change in fair value of royalty rights was $35.4m thanks to continued strength in the Depomed royalty franchise. In addition, Valeant recently settled a lawsuit brought by Depomed and PDL due to suspected underpayment of royalties related to Glumetza. Under the terms of the settlement, PDL received $13m. While the cash was received in November, PDL accounted for it as part of the fair value of the Depomed assets in Q3, boosting results.

With regards to Noden, net revenue for the quarter was $15.1m ($11.5m in the US and $3.6m internationally; as a reminder, PDL books revenue outside the US net of cost of goods as well as a separate fee to Novartis). This was down 6.8% from the $16.2m in revenues ($12.9m in the US and $3.3m internationally) reported in Q217. In August, the company significantly increased the size of the dedicated contract salesforce from around 40 sales representatives and four district managers to around 60 sales representatives and six district managers. It is still too early to tell if they are having a positive impact. Internationally, in November commercialization of Tekturna/Rasilez was transferred to the company from Novartis in Switzerland and the EU. The company expects to focus on selling in profitable countries and recently discontinued marketing in France, where the product was not making money. The company is also seeking licensing or distribution in China and Japan where marketing authorizations should transfer over in 2018.

For LENSAR, Q317 was the first full quarter that it was consolidated in PDL’s financial statements. Revenue for the quarter was $5.0m. Last quarter, PDL had only reported a partial quarter (11 May to 30 June) for LENSAR and revenues were $2.6m. Expenses appear to be up at a higher rate than revenues as the reported loss for LENSAR increased to $5.6m from $1.2m last quarter.

Unfortunately, the Queen et al. royalty stream appears to be finally petering out. PDL only recognized $1.4m in the quarter compared to $16.3m in the previous quarter as product manufactured after the expiration of the patents (December 2014) is not subject to the royalty. Biogen has notified PDL that it expects to pay $4.5m in royalties in Q4 and reduced royalties afterward.

Finally, with regards to the note agreements, in September PDL sold its entire interest in the kaléo note for $141.7m, which included a small premium on the principal and accrued interest. Company management has not stated their reasoning for selling the kaléo note, which had an attractive 13% interest rate. It may have been sold to improve the cash balance as they attempted to acquire Neos as well as to allow them flexibility for future potential transactions.

Third time not the charm with Neos

On 26 October 2017, PDL publicly announced a $10.25 per share takeover bid for Neos Therapeutics. Neos is a pharmaceutical company with an ADHD-focused portfolio with two commercialized products, Adzenys XR-ODT (amphetamine) and Cotempla XR-ODT (methylphenidate), which launched in May 2016 and October 2017, respectively, and a third FDA-approved product, Adzenys ER (amphetamine) extended-release oral suspension, which was approved in September 2017 and is expected to launch in early 2018. The company’s propriety extended-release (XR) orally disintegrating tablet (ODT) and XR-oral suspension technologies serve as the foundation for its portfolio and pipeline. Neos’s XR-ODT and XR-oral suspension products are developed, manufactured, and commercialized in-house. This buyout offer marks PDL’s third attempt to acquire the ADHD-focused pharmaceutical company (the previous two undisclosed attempts occurred this summer). Neos has declined this offer as well and the offer expired on 8 November. PDL has expressed that it believes the offer to be fair and has not indicated that it will increase it. The next steps with regards to Neos are unclear, but PDL continues to seek additional commercial products to acquire.

Valuation

Our valuation has increased slightly from $793m or $5.15 per share to $796m or $5.16 per share. This was the result of a few adjustments related to its investments/segments as well as a higher cash balance. We increased the value of Noden from $53.4m to $59.8m, mainly due to rolling forward NPVs, which increased the valuation as certain acquisition costs (i.e. the anniversary payment for Noden) are now behind the company, though this was mitigated by a slight decrease in our revenue assumptions and higher SG&A assumptions. We also reduced the value of LENSAR from $54.6m to $50.1m as we increased its operating expense assumptions for 2017. The sale of the kaléo note was a net negative NPV event as we valued it at $153.6m while it was sold for $141.7m.

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 & other products

2024

$222.7

$231.3

VB

Royalty on Spine Implant

Undisclosed

$15.4

$17.7

University of Michigan

Royalty on Cerdelga

2022

$35.4

$12.7

Wellstat

Note (Impaired)

Unknown

$50.2

$50.2

Hyperion

Note (Impaired)

Unknown

$1.2

$1.2

Avinger

Royalty

2018

$0.9

$0.8

Lensar

Equity

N/A

$50.1

AcelRx

Royalty on Zalviso

2027

$74.1

$72.5

CareView

Note

2022

$19.2

$20.6

Noden

Equity

N/A

N/A

$59.8

Kybella

Royalty

Unknown

$3.6

$1.7

Total

 

 

 

$519

Net cash (Q317) ($m)

$277.3

Total firm value ($m)

$796

Total basic shares (m)

154.3

Value per basic share ($)

$5.16

Total options (m)

1.2

Total number of shares (m)

155.5

Diluted value per share ($)

$5.12

Source: Edison Investment Research

Financials

PDL reported revenue of $62.7m in Q317, which was higher than our $38m estimate (due to higher than expected Glumetza royalties and the Valeant settlement) but down from $143.8m last quarter, as Q217 included a $54.2m jump in the fair value of the Depomed assets, increased royalties from the launch of an authorized generic of Glumetza, a one-time lump-sum payment of $19.5m from Merck in a patent settlement and $14.9m higher Tysabri royalties. We have increased our estimated 2017 revenues from $264.2m to $295.2m due to the higher than expected Q317 revenues as well as the inclusion of $4.5m in Tysabri royalties. However, we have lowered our 2018 revenue estimates from $122.2m to $104.2m, mainly due to the loss of interest revenue related to the kaléo note. R&D and SG&A spending totaled $17.6m in Q317, down from $19.2m in Q217, mainly due to a reduction in R&D spending as pediatric trials for Tekturna were completed though this was partially offset by higher SG&A spending (which we have increased by $3.8m for 2017 and by $6.6m for 2018). The company ended the quarter with $510.1m in cash and $6.4m in short-term investments.

In September, PDL announced a $25m share repurchase program, which will run through September 2018. Previously, it had announced a $30m share repurchase program in March 2017, which it completed the following June. With a book value approximately double the stock price, share repurchases are strongly earnings accretive.

Exhibit 2: Financial summary

$000s

2015

2016

2017e

2018e

Year end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

PROFIT & LOSS

Revenue

 

 

590,448

244,301

295,189

104,209

Cost of Sales

0

(4,065)

(15,330)

(9,396)

Gross Profit

590,448

240,236

279,858

94,813

General & Administrative

(36,090)

(43,287)

(63,848)

(67,388)

EBITDA

 

 

550,379

193,129

208,753

23,797

Operating Profit (before amort. and except).

550,379

193,129

208,753

23,797

Intangible Amortization

0

(12,028)

(24,452)

(24,452)

Other

(3,979)

0

0

0

Exceptionals

0

(51,699)

(3,349)

0

Operating Profit

550,379

129,402

180,952

(655)

Net Interest

(26,691)

(17,679)

(19,209)

(17,419)

Other

6,450

(2,353)

3,995

0

Profit Before Tax (norm)

 

 

530,138

175,450

189,544

6,377

Profit Before Tax (FRS 3)

 

 

530,138

109,370

165,738

(18,075)

Tax

(197,343)

(45,711)

(70,179)

7,411

Deferred tax

(0)

(0)

(0)

(0)

Profit After Tax (norm)

332,795

129,739

119,365

13,788

Profit After Tax (FRS 3)

332,795

63,659

95,559

(10,664)

Minority interest

0

(53)

(47)

(47)

Profit After Tax less Minority Interest (FRS 3)

332,795

63,606

95,512

(10,711)

Average Number of Shares Outstanding (m)

163.4

163.8

155.5

157.0

EPS - normalised ($)

 

 

2.04

0.78

0.77

0.09

EPS - FRS 3 ($)

 

 

2.04

0.39

0.61

(0.07)

Dividend per share ($)

0.60

0.10

0.00

0.00

Gross Margin (%)

100.0

98.3

94.8

91.0

EBITDA Margin (%)

93.2

79.1

70.7

22.8

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

93.2

79.1

70.7

22.8

BALANCE SHEET

Fixed Assets

 

 

733,468

818,949

583,810

512,183

Intangible Assets

0

228,542

216,060

191,608

Tangible Assets

31

1,631

20,346

12,038

Royalty rights

399,204

402,318

318,969

280,102

Other

334,233

186,458

28,435

28,435

Current Assets

 

 

279,731

395,147

651,462

583,640

Stocks

0

0

0

0

Debtors

0

40,120

17,465

17,465

Cash

218,883

147,154

560,533

492,711

Other

60,848

207,873

73,464

73,464

Current Liabilities

 

 

(36,662)

(130,315)

(194,132)

(69,210)

Creditors

(394)

(7,016)

(10,448)

(10,448)

Short term borrowings

(24,966)

0

(124,922)

0

Other

(11,302)

(123,299)

(58,762)

(58,762)

Long Term Liabilities

 

 

(283,485)

(329,649)

(207,060)

(207,060)

Long term borrowings

(232,835)

(232,443)

(116,052)

(116,052)

Other long term liabilities

(50,650)

(97,206)

(91,008)

(91,008)

Net Assets

 

 

693,052

754,132

834,080

819,553

Minority Interests

0

0

0

0

Shareholder equity

 

 

693,052

754,132

834,080

819,553

CASH FLOW

Operating Cash Flow

 

 

301,465

101,718

55,010

(18,152)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

(9)

(109,963)

(1,160)

(1,042)

Acquisitions/disposals

(71,593)

13,082

148,566

77,734

Financing

0

0

0

0

Dividends

(98,307)

(16,583)

(21)

0

Other

(8,046)

(47,629)

210,983

86

Net Cash Flow

123,510

(59,375)

413,378

58,625

Opening net debt/(cash)

 

 

160,347

38,918

85,289

(319,559)

HP finance leases initiated

0

0

0

0

Exchange rate movements

0

0

0

0

Other

(2,081)

13,004

(8,531)

(1,525)

Closing net debt/(cash)

 

 

38,918

85,289

(319,559)

(376,659)

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 and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by 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 Investments Pty Ltd (Corporate Authorised Representative (ACH 161 453 872) 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 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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US

Sydney +61 (0)2 8249 8342

Level 12, 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 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by 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 Investments Pty Ltd (Corporate Authorised Representative (ACH 161 453 872) 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 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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