Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 77

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 77
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 FYARRO assets were likely to insist on indemnity of some kind, whether as part of an asset sale or an acquisition of Aadi Sub, the consideration being proposed by potential acquirors in such structure was nonetheless significantly
higher than the consideration being proposed in the bid to acquire the whole company. Based on this evaluation, Aadi’s board of directors instructed Leerink Partners to provide feedback to the bidders regarding their indications of interest,
with Bidder B advancing into confirmatory due diligence and Bidder A, Bidder C, Bidder D, Bidder E, and Bidder F being asked to improve their proposals in order to advance in the process. On September 17, 2024, representatives of Leerink
Partners delivered such feedback to the bidders.

On September 19, 2024, representatives of Aadi’s management team, Leerink Partners and Bidder
B met via videoconference to discuss financial due diligence questions.

On September 19, 2024, Bidder G submitted a
non-binding indication of interest to acquire the FYARRO assets for: (i) a cash payment of $25.0 million at closing; (ii) five potential one-time
milestone cash payments of up to $85.0 million in the aggregate, contingent upon the achievement of certain regulatory milestones in various indications; (iii) six potential one-time cash milestone
payments of up to $117.5 million in the aggregate, contingent upon the achievement of certain commercial sales milestones; and (iv) certain ongoing royalty payments.

On September 20, 2024, Bidder E submitted a non-binding indication of interest to acquire the FYARRO assets for
cash consideration at closing of $50 million (formalizing the prior email communication sent on September 12).

On September 20, 2024, Bidder A
submitted a revised non-binding indication of interest to acquire Aadi, in a transaction structured as a sale of the whole company, for the following consideration: (i) $3.11 per share on a fully diluted
basis, an implied premium of 70% over the closing price on September 19, 2024 ($1.83); and (ii) a contingent value right that would pay up to an additional $20.0 million in the aggregate, contingent upon the achievement of certain
commercial milestones.

On September 20, 2024, representatives of Aadi, Leerink Partners, Wilson Sonsini, Bidder B and Bidder B