Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 106

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 106
---
  53.5 |     |              | 0.9x |
| 01/05/22     |     | Baclofen Franchise |     | Saol Therapeutics    |     | Amneal Pharmaceuticals |     |               |  83.5 |     |              | 3.3x |
| 12/15/21     |     | Otrexup            |     | Antares Pharma       |     | Assertio               |     |               |  44.0 |     |              | 2.9x |

Leerink Partners noted that although the Selected Transactions involved target assets with certain financial and operating characteristics that could be considered similar to those of Aadi Sub, none of the Selected Transactions involved target assets with the same management, make-up,technology, size or mix of businesses as Aadi Sub and, accordingly, there were inherent limitations on the applicability of the Selected Transactions to the valuation analysis of Aadi Sub. Leerink Partners calculated the aggregate enterprise value of each target asset associated with the Selected Transactions as a multiple of the last twelve month (LTM) revenue for the target asset at the time of the transaction. Using the 25th and 75th percentile of the Selected Transactions and the LTM revenue for Aadi Sub as of September 30, 2024 of $25 million, Leerink Partners derived an enterprise value range for Aadi Sub. The results of this analysis are summarized as follows:

|                        |     | Adjusted Enterprise 
 Value               
 (in millions)       |    |
|:-----------------------|:----|:--------------------|---:|
| 25th Percentile (2.7x) |     | $                   | 68 |
| 75th Percentile (3.2x) |     |                     | 80 |

Leerink Partners compared this range of adjusted enterprise values to the consideration of $100 million proposed to be paid to Aadi in the Divestiture. General Leerink Partners is a full-service securities firm engaged in securities trading and brokerage activities as well as investment banking and financial advisory services. In addition to its services in connection with the Divestiture, Leerink Partners is currently serving as financial advisor to Aadi in connection with the License Agreement and will receive fees of $4,900,000 in the aggregate for such services. In the ordinary course of business, Leerink Partners may in the future provide investment banking services to Aadi, Kaken Parent or their respective affiliates