Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 82

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 82
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 with representatives of
Leerink Partners a revised draft of the Bidder B APA which proposed a number of changes, including with respect to: adding certain closing conditions requiring amendments and negotiations of third party agreements; adding certain covenants relating
to Bidder B’s proposed debt and equity financing arrangements, including a reverse termination fee equal to 5.5% of the base purchase price in the event that the transaction does not close due to a financing failure; and specifying a
termination fee equal to 5.5% of the base purchase price that Aadi would be liable to pay in customary circumstances, including in the event that Aadi’s board of directors were to change its recommendation or accept a superior proposal from a
third party; and adding provisions implying Bidder B would be seeking third party debt financing in order to be able to consummate the transaction.

On
that same day, Bidder E submitted a revised non-binding indication of interest to acquire the FYARRO assets for cash consideration at closing of $65 million, on a cash-free, debt-free basis (the
“Bidder E October 22 Proposal”).

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On October 24, 2024, representatives of Leerink Partners and Bidder B met via videoconference to
discuss Bidder B’s proposed revisions to the Bidder B APA.

On October 25, 2024, Aadi’s board of directors held a virtual meeting, with
representatives of Aadi’s management team, Leerink Partners and Wilson Sonsini in attendance, to discuss the strategic process. At the meeting, representatives of Leerink Partners summarized the terms of the then-pending indications of
interest, including the Kaken October 17 Proposal, the Bidder B October 22 Proposal, and the Bidder E October 22 Proposal, as well as Leerink Partners’ recent communications with the representatives of each bidder.
Representatives of the management team further presented regarding the revised draft of the Bidder B APA, particularly Bidder B’s stated intention to obtain debt financing and the proposed closing conditions requiring amendments and
negotiations of third party agreements. Aadi’s board of directors instructed the members of Aadi’s management to further analyze such closing conditions and to refrain from continuing more granular negotiation of the terms of the Bidder B
APA until it had obtained a high certainty that Aadi would be able to satisfy those closing conditions. Aadi’s board of directors then discussed and deliberated regarding different transaction structures (including a sale of the