Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 101

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 101
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 the relative importance or weight given to those analyses by Leerink Partners. The preparation of a fairness opinion is a complex analytical process involving
various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a fairness opinion is not readily susceptible to summary description.
In arriving at its opinion, Leerink Partners did not draw, in isolation, conclusions from or with regard to any factor or analysis that it considered. Accordingly, Leerink Partners believes that its analyses must be considered as a whole and that
selecting portions of such analyses and factors without considering all analyses and factors, could create a misleading or incomplete view of the processes underlying Leerink Partners’ financial analyses and its opinion.

Leerink Partners may have deemed various assumptions more or less probable than other assumptions, so the reference ranges resulting from any
particular portion of the analyses summarized below should not be taken to be the view of Leerink Partners as to the actual value of Aadi Sub. In its analyses, Leerink Partners made numerous assumptions with respect to industry performance, general
business and economic conditions and other matters, many of which are beyond the control of Aadi or any other parties to the Divestiture. None of Aadi, Leerink Partners or any other person assumes responsibility if future results are materially
different from those discussed. Any estimates contained in these analyses are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than as set forth below. In
addition, analyses relating to the value of Aadi Sub do not purport to be appraisals or reflect the prices at which Aadi Sub may actually be sold. Accordingly, the assumptions and estimates used in, and the results derived from, the financial
analyses are inherently subject to substantial uncertainty. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before December 19, 2024,
and is not necessarily indicative of current market conditions.

Leerink Partners’ financial analyses and opinion were only one of
many factors taken into consideration by Aadi’s board of directors in its evaluation of the Divestiture, as described under “The Divestiture—Reasons for the Divestiture and Recommendation of the Aadi Board of Directors.”
Consequently, the analyses described below should not be viewed as determinative of the views of Aadi’s board of directors or