You are valuing BioNTech SE, a very young biotechnology firm, with no revenues. Thecompany has a blockbuster drug working its way through the pipeline and if it is approved (approximately 2years from now), it expects to generate $1 billion in after-tax cash flows from the drug every year for the following 15 years. The cost of capital of small pharmaceutical companies is 10% and there is only a 40% chance that the drug will be approved. BioNTech has very little cash, no debt and 125million shares outstanding. Estimate the value per share today, assuming that the blockbuster drug is itsonly potential product.