Company: WHWK
Filing Date: 2025-02-05
Form Type: DEFA14A
Source: 0001193125-25-020865
Chunk: 2

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-02-05
Form: DEFA14A
Chunk 2
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 After careful analysis and consultation with independent financial and legal advisors, the Board determined that the best opportunity to maximize long-term stockholder value on a risk-adjusted basis would be to divest the FYARRO business and revitalize the Company’s product pipeline with promising assets that we could advance with our talented team. Aadi’s Value-Creation Opportunity Executing on this strategic plan involves three initial steps:

| • |     | The sale of FYARRO® and its associated                            
 infrastructure to Kaken Pharmaceuticals for $100 million in cash; |

| • |     | The in-licensing of a thoughtfully selected, promising portfolio                         
 of cancer treatments known as antibody drug conjugates (“ADCs”) from WuXi Biologics; and |

| • |     | A $100 million private investment in public equity (“PIPE”) financing to enable the 
 development of these new assets.                                                    |

The sale of FYARRO to Kaken Pharmaceuticals is the culmination of a robust, months-long process during which the Company’s financial advisor engaged with more than 30 interested parties, eight of whom ultimately submitted a proposal or indication of interest. With multiple parties vying for the FYARRO assets, there was significant competitive tension: four parties improved their initial proposals – some substantially – during several rounds of negotiations. The Board concluded that the $100 million in gross proceeds we will receive from the sale – approximately equal to four times the revenue FYARRO generated over the four quarters ended September 30, 2024 – represents the full and fair value of this asset. Following the sale of FYARRO to Kaken Pharmaceuticals, the Company plans to in-licenseand develop three pre-clinicalADCs from WuXi Biologics. ADCs allow for the targeted delivery of cancer killing molecules directly to tumors, increasing drug potency and reducing side effects compared to traditional chemotherapy. ADCs represent a breakthrough in targeted cancer therapy and have become one of the fastest-growing therapeutic modalities in oncology, attracting billions of dollars of investment capital – expected to grow to over $50 billion by 2030 – from some of the biggest names in healthcare. In selecting these ADC assets, we evaluated more than 20 ADC companies and over 40 ADC assets. The ADC assets we chose to license are attractive for many reasons, but particularly because they leverage advanced linker-payload technology that we believe can enable them to deliver a more robust anti-tumor response, while minimizing toxicity better than so-called“first generation” ADCs. We also believe that they are well-positioned