There is an email to BK from June (I think) that has Leo offering some valuations for P. Successful phase 2 = $500 million valuation, successful phase 3=$2B. When I asked Leo at the shareholder's meeting what his favorite drug in the pipeline, he did not give me a particular, instead he talked up all 3 (or 4 if you look at B anti-inflammatory as separate). His response regarding P was it could be a Billion dollar drug. I took that to mean revenue, not valuation. Not sure what multiple to apply, but P could conservatively be big $$$ or could be BIG $$$$$.