Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 103

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 103
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Leerink Partners’ discounted cash flow analysis calculated the estimated present value of the stand-alone, unlevered, after-tax free cash flows that FYARRO was forecasted to generate from January 1, 2025, through December 31, 2039, which unlevered, after-tax free cash flows were
derived from the Aadi Projections. Leerink Partners estimated the net present value of unlevered, after-tax free cash flows after fiscal year 2039 by assuming an annual decline of 50% of such cash flows in
perpetuity. These cash flows were discounted to present value as of December 31, 2024, using a discount rate ranging from 10% to 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 |     | $             |