Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 103

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 103
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 and its opinion.

Leerink Partners may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any
particular portion of the analyses summarized below should not be taken to be the view of Leerink Partners as to the actual value of Aadi Sub. In its analyses, Leerink Partners made numerous assumptions with respect to industry performance, general
business and economic conditions and other matters, many of which are beyond the control of Aadi or any other parties to the Divestiture. None of Aadi, Leerink Partners or any other person assumes responsibility if future results are materially
different from those discussed. Any estimates contained in these analyses are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than as set forth below. In
addition, analyses relating to the value of Aadi Sub do not purport to be appraisals or reflect the prices at which Aadi Sub may actually be sold. Accordingly, the assumptions and estimates used in, and the results derived from, the financial
analyses are inherently subject to substantial uncertainty. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before December 19, 2024,
and is not necessarily indicative of current market conditions.

Leerink Partners’ financial analyses and opinion were only one of
many factors taken into consideration by Aadi’s board of directors in its evaluation of the Divestiture, as described under “The Divestiture—Reasons for the Divestiture and Recommendation of the Aadi Board of Directors.”
Consequently, the analyses described below should not be viewed as determinative of the views of Aadi’s board of directors or management with

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respect to the consideration to be paid to Aadi or as to whether Aadi’s board of directors would have been willing to determine that a different level of consideration was fair. The
consideration payable in the Divestiture was determined through arm’s-length negotiations between Aadi and Kaken and was approved by Aadi’s board of directors. Leerink Partners provided advice to
Aadi during these negotiations. However, Leerink Partners did not recommend any specific financial terms to Aadi or Aadi’s board of directors or that any specific financial terms constituted the only appropriate consideration for the
Divestiture.

In preparing its analysis, Leerink Partners took into account that the consideration proposed to be paid