Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 152

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 152
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 the
meeting, Aadi’s management presented the potential opportunity to in-license from Wuxi Biologics a portfolio of three preclinical ADC assets leveraging Hangzhou DAC’s CPT113 linker-payload technology
targeting the ADC Programs, each of PTK7, MUC16 and SEZ6. The Strategic Transaction Committee and Aadi’s management team discussed, among other things, the characteristics of the ADC Programs; the investment thesis and diversified value
proposition with respect to acquiring the ADC Programs; the timing of clinical milestones; transaction considerations and indicative deal terms to be included in a proposed non-binding term sheet; and
financing strategy in connection with the opportunity. As presented by management, the non-binding term sheet would include the following key terms and conditions: an upfront payment of $40 million; up to
an aggregate of $251 million in clinical milestone payments, including up to $11 million in near-term clinical milestones; up to an aggregate of $540 million in commercial milestone payments; running royalties during the agreed upon
royalty term ranging from low-single-digit to upper-single-digit percentages of annual net sales of licensed products in the agreed upon territory; and an exclusivity period lasting through September 23,
2024. Following discussion, the Strategic Transaction Committee confirmed that it

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was supportive of the management team presenting to Aadi’s board of directors regarding the delivery of a non-binding term sheet to WuXi Biologics on
the terms presented and conducting confirmatory due diligence on the ADC Programs. At this time, the Strategic Transaction Committee and Aadi’s management team deprioritized all strategic opportunities under consideration other than the
potential transaction with WuXi Biologics in respect of the ADC Programs.

On August 8, 2024, Aadi’s board of directors held a meeting at which
members of the management team and representatives of Leerink Partners presented regarding the opportunity to in-license the ADC Programs from Wuxi Biologics. In particular, the management team discussed the
investment thesis for the ADC Programs; the process undertaken to identify such assets; details regarding such assets, including the characteristics, potential value proposition and risk profiles of each asset; due diligence matters, including geo-political considerations; transaction timing; the proposed non-binding term sheet and related financial and other deal terms, including exclusivity; and financing
considerations in connection with a potential transaction. Following discussion, Aadi’s board of directors authorized management to deliver to WuXi Biologics the proposed non-binding term sheet