A biopharma project being pursued by Hopfer Pharmaceutical has a negative NPV of − $28 million Still, Hopfer may participate in this project as a “pioneer” option, giving the company an option to participate later in a large project that could have an attractive NPV. The large follow-on project will require $750 million in cash in 4 years. The current NPV of that project is estimated to be $270 million, and it has annual volatility of 35%. Assume a risk-free rate of 10%. Should Hopfer take the pioneer option?