Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 76

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 76
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 indication for cash consideration at closing of $45 million.

On September 12, 2024, Bidder D submitted a non-binding indication of interest to exclusively license the FYARRO assets for: (i) a one-time upfront cash payment of $35.0 million; (ii) two potential one-time commercial milestone cash payments of $5.0 million and $10.0 million; and (iii) certain ongoing cash royalty payments.

On that same day, Bidder E communicated via email to representatives of Leerink Partners that it was interested in acquiring the FYARRO assets for cash
consideration at closing of $50 million.

On September 13, 2024, Bidder F submitted a non-binding
indication of interest to acquire the FYARRO assets for: (i) a cash payment of $15.0 million at closing; (ii) a potential one-time commercial milestone cash payment of $5.0 million; and
(iii) certain ongoing royalty payments.

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On September 16, 2024, Aadi’s board of directors held a virtual meeting, with Aadi management and
representatives of Leerink Partners and Wilson Sonsini in attendance, to discuss the status of the strategic process, including the five non-binding indications of interest received to date and the email bid
from Bidder E. Representatives of Leerink Partners provided an overview of each non-binding indication of interest and the email bid from Bidder E, discussing, among other factors, the consideration offered by each bidder, due diligence activities
to date by each bidder, and assessments of each bidder’s financial strength, ability to sign and close expeditiously, and ability to successfully continue to commercialize FYARRO for the benefit of patients and any potential earnouts, and
answered questions from Aadi’s board of directors related to the same. Aadi’s board of directors then considered and deliberated regarding potential transaction structures and which potential transaction structure would be most beneficial
to Aadi and its stockholders: either a sale of the whole company, or a sale of the FYARRO assets or a stock sale of Aadi Sub which houses the agreements, assets, employees, intellectual property, and license agreement to commercialize FYARRO. It was
noted that Aadi had received one bid for a sale of the whole company, which was significantly less attractive and competitive when compared to the other bids which proposed alternative transaction structures. It was also noted that, despite the fact
that buyers of the