Whitehawk Therapeutics Completes Strategic Transformation with Successful Closing of Sale of Aadi Subsidiary to Kaken Pharmaceuticals
Whitehawk Therapeutics (Nasdaq: WHWK) has successfully completed its strategic transformation by closing the sale of its Aadi Subsidiary to Kaken Pharmaceuticals for $100 million plus customary adjustments.
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Rhea-AI Summary
Whitehawk Therapeutics (Nasdaq: WHWK) has successfully completed its strategic transformation by closing the sale of its Aadi Subsidiary to Kaken Pharmaceuticals for $100 million plus customary adjustments. The transaction, initially announced in December 2024, includes the transfer of Aadi Bioscience name, trademarks, and the FYARRO® business.
The company plans to utilize proceeds from both this divestiture and a recent $100M PIPE financing to advance its antibody drug conjugates (ADCs) portfolio and for general corporate purposes. The combined funding is projected to sustain operations until 2028, supporting key clinical data readouts for three assets.
Positive
- Received $100 million cash payment from Aadi Subsidiary sale
- Secured additional $100M through PIPE financing
- Extended cash runway through 2028
- Portfolio focused on higher-value ADC therapeutics
Negative
- Divestiture of revenue-generating FYARRO® business
Details
News Market Reaction – WHWK
The recorded move for WHWK in the trading session of this news was -1.54%.
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Whitehawk expects to use the proceeds from the divestiture, as well as from the recent
About Whitehawk Therapeutics
Whitehawk Therapeutics is a preclinical stage oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver improved cancer treatments. Whitehawk's advanced three-asset ADC portfolio is engineered to overcome the limitations of first-generation predecessors to deliver a meaningful impact for patients with difficult-to-treat cancers. These assets are in-licensed from WuXi Biologics under an exclusive development and global commercialization agreement. More information on the Company is available at www.whitehawktx.com and connect with us on LinkedIn.
Forward-Looking Statements
This press release contains certain forward-looking statements regarding the business of Whitehawk Therapeutics that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company's current beliefs and expectations and may include, but are not limited to, statements relating to: the Company's cash runway extending into 2028; the anticipated timing of the Company's development of its portfolio of ADC assets, including the expected timing regarding the commencement of IND-enabling studies and key clinical data readouts; expectations regarding the beneficial characteristics, safety, efficacy, therapeutic effects and the size of the potential targeted markets with respect to the Company's ADC assets; and the sufficiency of the Company's existing capital resources and the expected timeframe to fund the Company's future operating expenses and capital expenditure requirements. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, uncertainties associated with preclinical and clinical development of the ADC portfolio, including potential delays in the commencement, enrollment and completion of clinical trials; and risks related to the Company's estimates regarding future expenses, capital requirements and need for additional financing.
Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including under the caption "Item 1A. Risk Factors," and in Whitehawk's subsequent Quarterly Reports on Form 10-Q, and elsewhere in Whitehawk's reports and other documents that Whitehawk has filed, or will file, with the SEC from time to time and available at www.sec.gov, including the Definitive Proxy Statement filed on January 31, 2025.
All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Whitehawk undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
IR@whitehawktx.com
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SOURCE Whitehawk Therapeutics, Inc.
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