Questiоns 21-25 (Included in eаch questiоn) BigPhаrаm (BP) is a pharmaceutical cоmpany that is considering expanding into the bio technology business. The expansion project is expected to last 10 years. BP has market capitalization (market value of assets) of $1billion and it has a market value based Debt/Equity ratio of 1.0. ImmuGen (IG) is a pure Bio Technology company and it has an equity beta of 2.0 and a debt/equity (D/E) ratio of 0.25. The marginal tax rate for IG is 30%. The target capital structure for BP after the expansion is 30% debt and 70% equity. The marginal tax rate for BP is 25%. The 10-year Treasury (risk free) rate is 5% per year and the risk premium on the market is 5%. BP’s debt is rated “A” and the spread (relative to 10- year Treasury) for the debt is 1%. What is your estimate of the WACC that BP should use based on CAPM to evaluate the expansion into the bio technology business? Show all the assumptions and formulas to get partial credit. For levering and unlevering betas, use the formula: What is IG’s asset beta?
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