Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 105

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 105
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 12%, derived from a weighted average cost of capital calculation for Aadi Sub, which Leerink Partners performed
utilizing the capital asset pricing model with inputs that Leerink Partners determined were relevant based on publicly available data and Leerink Partners’ professional judgment, in order to derive an implied enterprise value range for Aadi
Sub. This analysis resulted in an implied enterprise value for Aadi Sub of approximately $70 million to $80 million (as compared to the consideration of $100 million proposed to be paid to Aadi in the Divestiture).

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Precedent Transactions Analysis Leerink Partners reviewed publicly available information relating to asset sale and licensing transactions where the lead asset(s) involved in the transaction was/were global or U.S. products rights for commercial new chemical entity, 505(b)(2), or biologics license application assets with deal size between $20 million and $250 million in upfront consideration, excluding transactions with contingent consideration, asset divestitures as a result of bankruptcy proceedings, and transactions with no disclosed historical financial statements, selected based on Leerink Partners’ professional judgment and experience. These transactions, which are referred to as the “Selected Transactions,” were:

| Announcement 
 Date         |     | Target Asset       |     | Seller               |     | Acquirer               |     | Deal Value    
 (in millions) |       |     | Deal Value / 
 LTM Revenue  |      |
|:-------------|:----|:-------------------|:----|:---------------------|:----|:-----------------------|:----|:--------------|------:|:----|:-------------|:-----|
| 07/29/24     |     | NATROBA            |     | ParaPro              |     | Cipher Pharmaceuticals |     | $             |  89.5 |     |              | 3.1x |
| 12/07/23     |     | PONVORY            |     | Johnson & Johnson    |     | Vanda Pharmaceuticals  |     |               | 100.0 |     |              | 3.2x |
| 05/18/23     |     | YUTIQ              |     | EyePoint             |     | Alimera Sciences       |     |               |  82.5 |     |              | 2.7x |
| 03/28/22     |     | Sunosi             |     | Jazz Pharmaceuticals |     | Axsome Therapeutics    |     |               |