Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 95

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 95
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 strategic alternatives available to Aadi, during which Leerink Partners contacted a total of 31 potentially interested parties (and received additional unsolicited inbound interest from four other parties), of which 23 participated in introductory 
 calls, 16 signed nondisclosure agreements (of which 10 opted to participate in Management meetings) and received virtual data room access to conduct commercial and scientific due diligence on FYARRO;                                                 |

| • |     | the proposal for, and Aadi’s evaluation of, the License Agreement entered into contemporaneously with the 
 Divestiture Agreement, and the transactions contemplated thereby, including the PIPE Financing;           |

| • |     | the improvement in the base purchase price offered by Kaken from $85 million at the time of the Kaken November 28                 
 Proposal to $100 million, representing a 17.6% increase over the base purchase price set forth in the Kaken November 28 Proposal; |

| • |     | the belief of Aadi’s board of directors that, as a result of the extent of negotiations with Kaken, Aadi                                                                                                              
 obtained the highest consideration that Kaken was willing to pay or that Aadi was likely to obtain from any other party, including as part of other strategic transactions that Aadi’s board of directors considered; |

| • |     | the Divestiture is subject to the approval of Aadi’s stockholders, who are free to vote against approval of 
 the Divestiture Agreement and to reject the Divestiture;                                                    |

| • |     | the likelihood that the Divestiture will be consummated, based on, among other things, the limited number of                                                                                          
 conditions to the closing of the Divestiture, the absence of a financing condition, and the remedies available under the Divestiture Agreement to Aadi in the event of various breaches by Kaken; and |

| • |     | the fiduciary duties of Aadi’s board of directors in light of the foregoing. |

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In the course of its deliberations, Aadi’s board of directors also considered a variety of risks and other countervailing factors, including the following (not in any relative order of importance):

| • |     | the fact that Aadi’s stockholders will not participate in the potential upside of the FYARRO Business                                                                                   
 following the closing of the Divestiture, nor would Aadi stockholders receive any cash proceeds from the closing of the Divestiture, but rather such amounts would be