Question: Current Attempt in Progress Buffalo Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Buffalo will receive a payment of

Current Attempt in Progress
Buffalo Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Buffalo will receive a payment of 8,300,000 if the drug receives regulatory approval. Based on prior experience in the drug-approval process, Buffalo determines that the drug has a 95% chance of approval, and a 5% chance of denial.
(a)
Current Attempt in Progress Buffalo Biotech

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