SymBio Pharmaceuticals — Top-line data from registrational DLBCL study

SymBio Pharmaceuticals (TYO: 4582)

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SymBio Pharmaceuticals — Top-line data from registrational DLBCL study

SymBio will be presenting data at the European Society of Hematology (EHA) meeting from its pivotal study in Japan of Treakisym (bendamustine) in combination with rituximab for the treatment of diffuse large B-cell lymphoma (DLBCL). The 38-patient, single-arm study showed a 76% overall response rate (ORR), with 47% of patients achieving a complete response (CR). This gives us a high degree of confidence in the label expansion for this population submitted in May 2020.

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Healthcare

SymBio Pharmaceuticals

Top-line data from registrational DLBCL study

Clinical update

Pharma & biotech

28 May 2020

Price

$4.26

Market cap

$145m

*Underlying ¥ price converted at ¥110/US$ ADR/Ord conversion ratio 1:1

Net cash ($m) at 31 March 2020 + subsequent exercises

50.8

ADRs in issue

34.1m

ADR code

SYMQY

ADR exchange

OTC

Underlying exchange

Tokyo

Depository

BNY

Business description

SymBio Pharmaceuticals is a Japanese specialty pharma company with a focus on oncology and hematology. The Treakisym powder formulation was in-licensed from Astellas in 2005; liquid Treakisym was in-licensed from Eagle Pharmaceuticals in 2017. Rigosertib was in-licensed from Onconova. And brincidofovir was licensed from Chimerix in 2019.

Next events

Rigosertib Phase III results

H220

Treakisym RTD approval decision

October 2020

Analyst

Nathaniel Calloway

+1 646 653 7036

SymBio Pharmaceuticals is a research client of Edison Investment Research Limited

SymBio will be presenting data at the European Society of Hematology (EHA) meeting from its pivotal study in Japan of Treakisym (bendamustine) in combination with rituximab for the treatment of diffuse large B-cell lymphoma (DLBCL). The 38-patient, single-arm study showed a 76% overall response rate (ORR), with 47% of patients achieving a complete response (CR). This gives us a high degree of confidence in the label expansion for this population submitted in May 2020.

Year end

Revenue ($m)

PTP
($m)

EPADR
($)

DPADR
($)

P/E
(x)

Gross yield
(%)

12/18

34.9

(25.0)

(1.50)

0.0

N/A

N/A

12/19

25.8

(39.8)

(1.72)

0.0

N/A

N/A

12/20e

23.7

(47.8)

(1.65)

0.0

N/A

N/A

12/21e

83.9

9.9

0.17

0.0

25.1

N/A

Note: Converted at ¥110/US$. Dividend yield excludes withholding tax. Investors should consult their tax advisor regarding the application of any domestic and foreign tax laws.

No surprises in safety profile

The EHA abstract includes a report on the safety profile of the combination, which is in line with expectations. Grade 3 and higher events were limited to hematologic adverse events (AE), which is consistent with the profile of this treatment and other reported results. The regimen is positioned as a more tolerable treatment than other second-line therapies, so consistency in the AE profile is important. These results were to be expected but we are pleased to see that no surprises were encountered that could potentially endanger the recent submission of the combination for a label expansion of Treakisym.

Results in line with or better than similar studies

The combination of bendamustine and rituximab (BR therapy) has previously been studied in unaffiliated non-registrational studies in DLBCL patients and other aggressive lymphomas. The results in the current study replicate and/or surpass these historical benchmarks. In particular, the median progression-free survival (PFS) seen in the study of 11.9 months is superior to other reports in this patient population. Median overall survival was not reached during the study period.

Confirmed activity in difficult to treat populations

The results presented in the abstract also included a subgroup analysis based on cancer subtype and patient age. The drug combination showed activity across subgroups, including more difficult to treat non-germinal center B-cell (non-GBC) disease and patients over 75. This supports the use of the regimen in its historical role for these higher-risk groups that are often unfit for other treatments.

Valuation: Unchanged at $354m or $10.40

Our valuation remains unchanged at $354m (¥39.0bn), or $10.40 (¥1,144) per share as we had previously upgraded our valuation for the DLBCL program upon the initial announcement of positive results in November 2019, and we remain confident in its approval (90% probability of success).

Data supports label expansion

SymBio previously completed a Phase III study in Japan to support a label expansion of Treakisym (in combination with rituximab) to relapsed and refractory DLBCL in November 2019 and reported that it received positive results. The company will be presenting the detailed results from this study at the upcoming EHA virtual meeting in June 2020. The study enrolled 40 patients of whom 38 were evaluated for safety and efficacy.

The abstract for the presentation reported an ORR in 29 out of 38 patients (76%), of whom 18 of 38 (47%) showed a CR, with a median PFS of 11.9 months. These results are superior on a numerical basis to other reported studies of this combination. For instance, an Italian retrospective study reported a 50% ORR, 28% CR and a PFS of 8.8 months.1 Other studies have reported lower response rates.2 The safely profile presented in the abstract was also consistent with other results and predominantly showed hematologic AEs. A majority of patients saw grade 3 or higher drops in lymphocyte counts (90%), neutropenia (74%) or reduction in CD4 lymphocytes (66%). This is to be expected for most drugs targeting hematologic malignancies and is indicative of the drugs’ activity.

  Arcari A. et al. (2016) Safety and efficacy of rituximab plus bendamustine in relapsed or refractory diffuse large B-cell lymphoma patients: an Italian retrospective multicenter study. Leuk Lymph 57, 1823-1830.

  Vacirca JL, et al. (2014) Bendamustine combined with rituximab for patients with relapsed or refractory diffuse large B cell lymphoma Ann Hematol 93, 403-409.

This combination has been previously studied in a number of different trials across the globe, and is among the arsenal of treatment regimens available to doctors despite not being formally approved. The BR treatment regimen (as it is typically called) has historically been used as a salvage treatment in patients following failure of first-line chemotherapy as an alternative to more aggressive chemotherapy salvage or autologous stem cell transplant. The BR regimen has a generally more tolerable profile than these other treatments. Because of this there have also been attempts to investigate it as an alternative treatment in the first-line in frail patients.3 However, a limitation to evaluating the data on the BR combination is that there is a lack of placebo controlled studies, although this has not limited other similar approvals. Bendamustine was approved in the US for the treatment of indolent non-Hodgkin lymphoma (NHL) in patients who have failed rituximab treatment, based on a single-arm study.

  Storti S, et al. (2018) Rituximab Plus Bendamustine As Front-Line Treatment in Frail Elderly (>70 Years) Patients with Diffuse Large B-Cell Non-Hodgkin Lymphoma: A Phase II Multicenter Study of The Fondazione Italiana Linfomi. Haematologica 103, 1345-1350.

The company also provided a breakdown of response rates based on patient subgroups. Response rates were provided on the basis of whether patients had germinal center B-cell type (GCB) DLBCL or the generally more aggressive non-GCB subtype of the disease, as well response rates by age (Exhibit 1). These results showed strong activity across subgroups, including the more difficult to treat non-GCB patients and those over 75. These results are relevant because they continue to support the use of Treakisym in harder to treat populations.

Exhibit 1: Patient subgroup analysis

ORR

CR

Cancer subtype

GCB

83%

67%

non-GCB

78%

39%

Patient age

Under 65

86%

71%

65 to 74

75%

45%

75 or older

73%

36%

Source: SymBio Pharmaceuticals

The label expansion to DLBCL is an important aspect of the company’s strategy to expand its sales of Treakisym. We estimate that it will expand the target market for the drug to 11,200 second-line DLBCL patients in Japan, approximately double the current market for the drug. Moreover, this is concurrent with the company’s pipeline management efforts to seek approval for new formulations of the product: the ready to dilute (RTD) formulation, which was submitted for approval in September 2019, and the rapid infusion (RI) formulation, for which it was recently announced in March 2020 that the ongoing safety confirmation study was fully enrolled.

Valuation

Our valuation remains unchanged at $354m (¥39.0bn), or $10.40 (¥1,144). We previously upgraded the probability of success for the Treakisym DLBCL program to 90% from 60% following the initial announcement that the study met its endpoints in November 2019, and the current more granular data does not change our already positive expectations.

Exhibit 2: Valuation of SymBio

Product

Indication

Launch

Peak sales ($m)

Value ($m)

Probability

rNPV
($m)

NPV/ADR
($/ADR)

Treakisym

Low grade NHL/MCL (r/r and 1st line); CLL

2010

78

177.9

100-95%

170.2

5.00

Treakisym (DLCBL)

r/r DLBCL

2021

87

121.7

90%

108.9

3.20

Rigosertib (IV)

r/r HR-MDS

2023

35

26.4

50%

12.4

0.36

Rigosertib (oral)

LR-MDS (mono) or First-line HR-MDS (combo)

2025

68

39.1

15%

4.0

0.12

Brincidofovir

vHC

2025

38

30.8

30%

8.0

0.24

Net cash (March 2020 + subsequent exercises)

50.8

100%

50.8

1.49

Valuation

 

 

 

446.7

 

354.2

10.40

Source: SymBio Pharmaceuticals reports, Edison Investment Research

Financials

Our financial forecasts remain unchanged at this time.

Exhibit 3: Financial summary

Accounts: JPN GAAP, year-end: 31 December, $'000s

 

 

2018

2019

2020e

2021e

TOTAL REVENUES

 

 

34,868

25,798

23,710

83,889

Cost of sales

 

 

(24,206)

(17,936)

(17,782)

(14,716)

Gross profit

 

 

10,662

7,861

5,927

69,173

SG&A (expenses)

 

 

(18,147)

(24,771)

(30,226)

(52,477)

R&D costs

 

 

(16,661)

(22,196)

(23,664)

(6,955)

Other income/(expense) included in adjusted

 

 

0

0

0

0

Other income/(expense) excluded from adjusted

 

 

0

0

0

0

Reported EBIT

 

 

(24,146)

(39,106)

(47,962)

9,742

Finance income/ (expense)

 

 

6

2

178

171

Other income/(expense) included in adjusted

 

 

(0)

38

0

0

Other income/(expense) excluded from adjusted

 

 

(848)

(684)

0

0

Reported PTP

 

 

(24,988)

(39,750)

(47,784)

9,913

Income tax expense

 

 

(35)

(35)

(35)

(3,973)

Reported net income

 

 

(25,023)

(39,784)

(47,818)

5,940

Average number of ADRs - basic (m)

 

 

16.6

23.2

29.0

34.1

Basic earnings per ADR ($)

 

(1.50)

(1.72)

(1.65)

0.17

 

 

 

 

 

 

Adjusted EBITDA

 

(23,831)

(3,876)

(4,708)

1,059

Adjusted EBIT

 

(24,146)

(3,911)

(4,796)

974

Adjusted PTP

 

(24,988)

(3,979)

(4,778)

991

Adjusted earnings per ADR ($)

 

(1.50)

(1.72)

(1.65)

0.17

Adjusted diluted earnings per ADR ($)

 

(1.50)

(1.72)

(1.65)

0.17

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

 

Property, plant and equipment

 

 

518

686

730

1,237

Goodwill

 

 

0

0

0

0

Intangible assets

 

 

649

2,187

1,918

1,738

Other non-current assets

 

 

660

640

640

640

Total non-current assets

 

 

1,827

3,513

3,288

3,615

Cash and equivalents

 

 

43,831

35,553

17,044

16,865

Inventories

 

 

4,853

0

1,997

1,653

Trade and other receivables

 

 

3,743

4,993

2,598

9,193

Other current assets

 

 

2,469

3,885

3,885

3,885

Total current assets

 

 

54,895

44,432

25,525

31,596

Non-current loans and borrowings

 

 

0

0

0

0

Trade and other payables

 

 

0

0

0

0

Other non-current liabilities

 

 

12

15

15

15

Total non-current liabilities

 

 

12

15

15

15

Trade and other payables

 

 

6,601

1,099

4,357

4,815

Current loans and borrowings

 

 

0

0

0

0

Other current liabilities

 

 

5,548

6,830

6,830

6,830

Total current liabilities

 

 

12,149

7,929

11,187

11,645

Equity attributable to company

 

 

44,562

40,001

17,612

23,552

Non-controlling interest

 

 

0

0

0

0

 

 

 

 

 

 

 

CASH FLOW STATEMENT

 

 

 

 

 

 

Profit before tax

 

 

(24,988)

(39,750)

(47,784)

9,913

Depreciation and Amortization

 

 

315

346

882

849

Share based payments

 

 

1,342

0

0

0

Other adjustments

 

 

552

2,081

(178)

(171)

Movements in working capital

 

 

1,677

(2,201)

3,655

(5,792)

Net cash from operating activities (pre-tax)

 

 

(21,102)

(39,523)

(43,425)

4,799

Interest paid / received

 

 

5

5

178

171

Income taxes paid

 

 

(35)

(35)

(35)

(3,973)

Cash from operations (CFO)

 

 

(21,132)

(39,552)

(43,281)

997

Capex

 

 

(362)

(1,968)

(656)

(1,176)

Acquisitions & disposals net

 

 

0

0

0

0

Other investing activities

 

 

124

0

0

0

Cash used in investing activities (CFIA)

 

 

(238)

(1,968)

(656)

(1,176)

Net proceeds from issue of shares

 

 

38,837

33,982

25,429

0

Movements in debt

 

 

0

0

0

0

Other financing activities

 

 

0

19

0

0

Cash from financing activities (CFF)

 

 

38,837

34,000

25,429

0

Currency translation differences and other

 

 

(428)

(758)

0

0

Increase/(decrease) in cash and equivalents

 

 

17,039

(8,278)

(18,509)

(179)

Cash and equivalents at end of period

 

 

43,831

35,553

17,044

16,865

Net (debt) cash

 

 

43,831

35,553

17,044

16,865

Movement in net (debt) cash over period

 

 

17,039

(8,278)

(18,509)

(179)

Source: SymBio Pharmaceuticals reports, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by SymBio Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by SymBio Pharmaceuticals. 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

1,185 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 SymBio Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by SymBio Pharmaceuticals. 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

1,185 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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