Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 154

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 154
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the “August 18 Term Sheet”), which proposed an upfront payment of $42 million; up to an aggregate of $265 million in clinical milestone payments, including up to $13 million in near-term
clinical milestones; up to an aggregate of $540 million in commercial milestone payments; and a mutual exclusivity period lasting through September 23, 2024.

On August 19, 2024, representatives of WuXi Biologics informed Aadi’s business development consultant that the updated terms set forth in the
August 18 Term Sheet were likely agreeable.

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On August 20, 2024, Aadi issued a press release announcing, among other things, interim analysis
results for the PRECISION1 trial and the halt of the PRECISION1 trial based on such results. The press release also announced that Aadi was pivoting to focus on preserving cash and maximizing the FYARRO commercial business, as well as reducing
research and development expenses and adopting a plan of termination resulting in a workforce reduction of 22 employees, representing approximately 32% of Aadi’s workforce. In addition, Aadi disclosed in the press release that it hired an
advisory firm to explore all options to maximize value for stockholders. On that same day, Aadi filed a Current Report on Form 8-K with the SEC disclosing such matters and filing the press release as an
exhibit.

On August 21, 2024, Aadi’s board of directors held a meeting at which members of the management team and representatives of Leerink
Partners were present. At the meeting, Aadi’s management team presented regarding the proposed transaction with WuXi Biologics, including, among other things, with respect to the rationale behind the proposed transaction; the progress of
negotiations; due diligence considerations (including with respect to a potential site visit in China); and the proposed timing of the transaction. Aadi’s management team also presented regarding the proposed
non-binding term sheet, including the request by WuXi Biologics for mutual exclusivity, such that Aadi would exclusively negotiate with WuXi Biologics with respect to the
in-licensing of new assets. Aadi’s board of directors discussed the foregoing matters with the management team and related items, including, among other things, the estimated cash required to develop the in-licensed assets, anticipated timing for IND filings for product candidates developed from the in-licensed assets, and related financing considerations. Following
discussion, Aadi’s