Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 79

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 79
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 an allocation of liabilities and indemnifications customary for asset
sale transactions.

On that same day, Bidder C submitted a revised non-binding indication of interest to
exclusively license the FYARRO assets for the PEComa indication for: (i) a cash payment of $50.0 million at closing; and (ii) two potential one-time milestone cash payments of up to an aggregate
of $5.0 million, contingent upon the achievement of certain commercial milestones.

Also on that same day, Bidder G communicated to representatives
of Leerink Partners via email that it was unable to improve upfront consideration in a revised proposal but could potentially improve contingent consideration.

Also on that same day, representatives of Nomura Securities Co., Ltd. (“Nomura”), financial advisor to Kaken Parent, contacted representatives of
Leerink Partners to express interest in FYARRO on behalf of Kaken Parent.

On October 3, 2024, Aadi’s board of directors held a virtual meeting,
with members of Aadi’s management team and representatives of Leerink Partners and Wilson Sonsini in attendance. At the meeting, representatives of Leerink Partners reviewed each of the non-binding
indications of interest received to date, discussing for each bidder the valuation and nature of consideration offered, due diligence and execution timing, background and strategic rationale, and other considerations. Following discussion of the
indications of interest and next steps, including messaging for each bidder, Aadi’s board of directors instructed Leerink Partners to distribute a second-round process letter to the bidder group.

On October 4, 2024, representatives of Aadi, Bidder B and Leerink Partners met via videoconference to discuss Bidder B’s financial and supply chain
due diligence questions.

On October 4, 2024, representatives of Aadi, Leerink Partners, Wilson Sonsini, Bidder B and Bidder B’s legal counsel
met via videoconference to discuss transaction structure, particularly Bidder B’s preference to structure the acquisition of FYARRO as an asset purchase.

On October 4, 2024, Bidder E informed representatives of Leerink Partners via telephone and email that Bidder E’s best offer would be
$55 million, comprised entirely of cash at closing, to purchase the FYARRO assets.

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On October 4, 2024, representatives of Nomura confirmed to representatives of Leerink Partners that
Kaken was interested in entering the bid process for FYARRO, despite its understanding that