Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 79

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 79
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 2024, certain of Aadi’s directors and management team members met via
videoconference to discuss and consider the non-binding indications of interest received to date, including the non-binding indication of interest from Bidder G which
was determined not to be competitive due to the relatively small cash payment at closing and milestone payments that were uncertain and out of Aadi’s control. Following discussion, at the direction of Aadi’s board of directors,
representatives of Aadi’s management team and Leerink Partners contacted representatives of Bidder A, Bidder E, and Bidder G with feedback stating that Aadi’s board of directors viewed their respective proposals as insufficient to advance
to the next round, but might reconsider following receipt of a new proposal.

On September 27, 2024, representatives of Aadi, Leerink Partners and
Bidder B met via videoconference to discuss Bidder B’s commercial due diligence questions. On the same day, at the direction of Aadi, representatives of Leerink Partners shared with representatives of Bidder B a draft stock purchase agreement
which contained a proposed transaction structure under which Bidder B would acquire the FYARRO assets by purchasing all of the outstanding equity of Aadi Sub and pursuant to which Aadi would not provide post-closing indemnification with respect to
the operations of Aadi Sub.

On October 1, 2024, representatives of Aadi, Leerink Partners and Bidder B met via videoconference to discuss Bidder
B’s regulatory due diligence questions.

On October 2, 2024, representatives of Bidder B informed representatives of Leerink Partners of their
preference to structure the proposed acquisition of FYARRO as an asset purchase instead of a purchase of all of the outstanding equity of Aadi Sub, which purchase would entail an allocation of liabilities and indemnifications customary for asset
sale transactions.

On that same day, Bidder C submitted a revised non-binding indication of interest to
exclusively license the FYARRO assets for the PEComa indication for: (i) a cash payment of $50.0 million at closing; and (ii) two potential one-time milestone cash payments of up to an aggregate
of $5.0 million, contingent upon the achievement of certain commercial milestones.

Also on that same day, Bidder G communicated to representatives
of Leerink Partners via email that it was unable to improve upfront consideration in a revised proposal but could potentially improve contingent consideration.

Also on that same day, representatives of Nomura Securities Co