Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 148

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 148
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 new assets, continuing with the commercial FYARRO business as a stand-alone company, and a potential liquidation of the company.

On that same day, representatives of WuXi Biologics shared additional comments to the August 9 Term Sheet with representatives of Aadi, including a
proposed reduced exclusivity period ending on September 16, 2024. Separately, on August 16, 2024, representatives of WuXi Biologics also requested that Aadi agree to exclusivity with WuXi Biologics with respect to the in-licensing of assets.

On August 18, 2024, representatives of Aadi shared with representatives of WuXi Biologics
an updated draft of the term sheet (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