Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 43

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 43
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 payment of $38 million by the applicable deadline. Reasons for the PIPE Financing and the License Agreement(see page 108) In the course of taking such actions in favor of the PIPE Financing and the License Agreement, Aadi’s board of directors considered a number of potentially supportive factors in its deliberations including:

| • |     | the extensive business development process undertaken by Aadi’s management team and the Strategic             
 Transaction Committee to identify and evaluate potential in-licensing and acquisition opportunities for Aadi; |

| • |     | the extensive due diligence process undertaken by Aadi’s management team and its advisors, under the              
 oversight of Aadi’s board of directors and the Strategic Transaction Committee, with respect to the ADC Programs; |

| • |     | the reputation and expertise of WuXi Biologics and Hangzhou DAC; |

| • |     | the assessment of Aadi’s board of directors of the potential long-term value to stockholders of the License                  
 Agreement and the ADC Programs, as compared to Aadi’s estimated dissolution value following the sale of the FYARRO business; |

| • |     | the fact that multiple ADC assets are included in the ADC Programs, providing a diversified value proposition for 
 Aadi’s stockholders with potential future upside as enabled by the PIPE Financing;                                |

| • |     | the strength and expertise of Aadi’s existing management team to develop the ADC Programs following the                                                            
 signing of the License Agreement, and the qualifications of Aadi’s board of directors to oversee that development and the successful execution of Aadi’s strategy; |

| • |     | the belief of Aadi’s board of directors that, as a result of the extent of negotiations with WuXi Biologics, 
 Aadi obtained the most favorable terms in the License Agreement that WuXi Biologics was willing to accept;   |

| • |     | the external validation of the investment thesis for the ADC Programs provided by (i) the concurrent PIPE                          
 Financing and (ii) the agreement by Dr. Baiteng Zhao to join Aadi’s board of directors and also participate in the PIPE Financing; |

| • |     | the belief of Aadi’s board of directors that the anticipated cash runway enabled by the sale of the FYARRO                                                  
 business and the closing of the PIPE Financing was expected to position Aadi to reach key potential value inflection points in developing the ADC Programs; |

| • |     | the process for determining the pricing for the PIPE Financing, including the engagement of