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Aadi Bioscience Filed Definitive Proxy Statement and Schedules Special Meeting of Stockholders for February 28, 2025
Proxy Statement Includes Proposals on Previously Announced Sale of FYARRO and Associated Infrastructure to Kaken for $100M, and $100M PIPE Financing to
About this update from Whitehawk Therapeutics, Inc.
[{"type":"text","content":"Proxy Statement Includes Proposals on Previously Announced Sale of FYARRO and Associated Infrastructure to Kaken for $100M, and $100M PIPE Financing to Support In-Licensing of ADC Portfolio\nAadi's Board Recommends Stockholders Vote \"FOR\" All Proposals to Support the Company's Business Transformation\nCompany Expects to Close Transactions in the First Quarter of 2025, Subject to Stockholder Approval and Other Closing Conditions\nMORRISTOWN, N.J., Feb. 5, 2025 /PRNewswire/ -- Aadi Bioscience, Inc. (NASDAQ: AADI) (\"Aadi\" or the \"Company\") announced it filed its definitive proxy statement with the U.S. Securities and Exchange Commission (the \"SEC\") on January 31, 2025, and today mailed its definitive proxy statement and a letter to stockholders, in connection with the Company's upcoming Special Meeting of Stockholders (the \"Special Meeting\") which is scheduled to be held on February 28, 2025.\nThe Company's strategic plan, which was first announced in December 2024, includes three transactions: 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 antibody drug conjugates (ADCs) from WuXi Biologics; and a $100 million private investment financing to enable the development of these ADC assets.\nThe Company expects to close these transactions in the first quarter of 2025, subject to stockholder approval at the Special Meeting and the satisfaction of other closing conditions.\nIn a supporting letter, Aadi's Board recommends stockholders vote \"FOR\" all proposals to support the company's business transformation to maximize the Company's opportunity for long-term value creation.\nThe full text of the letter that is being mailed with the definitive proxy statement follows:\nDear Fellow Aadi Stockholders,\nWe are writing to encourage you to review the enclosed materials and to vote in favor of the proposals that are being put to a vote at the upcoming Special Meeting of Stockholders, which is scheduled for February 28, 2025 at 10:00 am Pacific Time.\nWe have recently undertaken bold action to maximize the Company's potential. Our transformative actions, first announced in December 2024, entail a series of transactions that we believe will create significant value for our stockholders, while remaining rooted in ...