On September 21, 2026, DRI Healthcare Trust (“DRI Healthcare”), a pioneer in global pharmaceutical royalty monetization, announced that it has entered into purchase agreements to acquire certain royalty participation rights in U.S. net sales of tavapadon, an investigational Parkinson’s disease drug candidate, from funds managed by Bain Capital and NovaQuest Capital Management. Under the terms of the purchase agreements, DRI Healthcare will pay an aggregate purchase price of $316 million at closing. Following closing, DRI Healthcare will be entitled to receive tiered royalty payments on annual U.S. net sales of tavapadon, at combined tiered, mid‑single digit to low‑double digit royalty rates. DRI Healthcare will also be entitled to receive certain sales milestone payments upon first reaching certain cumulative U.S. net sales thresholds and four annual fixed payments of $23.4 million on the first four anniversaries of FDA approval of tavapadon. Aggregate receipts are subject to a contractual hard cap of $437.5 million. Cravath is representing DRI Healthcare in connection with the transaction.

Cravath of counsel and former Acting U.S. Attorney General and Deputy Attorney General Jeffrey A. Rosen participated in the American Bar Association’s 2026 Forum on Air & Space Law, which was held from September 17‑18, 2026 in Denver, Colorado. Jeff spoke during a fireside chat with Betsy Homan, counsel at United Airlines, on leadership, public service and the intersection of government, administrative law and the aviation industry.

On September 16, 2026, Cravath partners Faiza J. Saeed, Gary A. Bornstein and Ting S. Chen were named to Forbes’s 2026 list of “America’s Top Lawyers. The list recognizes “the leading dealmakers, litigators, advisers and strategists—at firms of all sizes—who stand apart in an extraordinarily competitive field” and “those who are defining modern legal excellence.”

On September 15, 2026, Cravath partner David J. Kappos participated in The Chartered Institute of Patent Attorneys’ “Congress 2026: Durable Strategy, Enduring Value – Sustainable IP” in Manchester, United Kingdom. The conference explored the resilience of IP strategies and business practices, how IP can be developed to realize long‑term commercial value and how the IP sector can adapt to ensure it continues to add value. Dave spoke on a panel entitled “Long‑Arm Ambition: A Stretch Too Far?” which examined the impact of recent decisions on corporate domicile and global litigation strategy, including shifts in the balance between different venues and considered whether we are moving towards a harmonized European patent enforcement landscape or a patchwork of competing legal approaches.

Cravath partner David J. Kappos participated in Sisvel Connect 2026, which was hosted by Sisvel from September 15‑17, 2026 in Barcelona, Spain. The event gathered decision makers, innovators and thought leaders in the FRAND/SEP/Patent‑Pool world to examine today’s challenges and anticipate tomorrow’s opportunities. Dave spoke on a panel entitled “Key Global Developments in Policy, Courts and Licensing Strategies Over the Last 12 Months,” which provided an overview of happenings at a regulatory level and in the courts during the past year, including in the wider range of venues now coming into play for enforcement.

On September 15, 2026, Cravath of counsel Scott B. Reents participated in Economist Enterprise’s 5th Annual General Counsel Summit US: Law in the Age of Systemic Risk in New York. The conference examined how the application of American law is losing some of its former predictability, reshaped by politics, technology and geopolitical strains and what this means for the role of the general counsel. Scott spoke at a workshop entitled “Turning AI Experimentation Into Practical Legal Capability,” which explored how lawyers identify effective AI use cases, balance the value of AI with confidence in its outputs and adapt the way they develop and apply their judgment.

On September 10, 2026, Cravath partners Nicholas A. Dorsey and C. Daniel Haaren and of counsel Virginia M. Anderson participated in The L Suite’s GC Roundtable Dinner: Decisions, Pressure and Perspective in New York. The L Suite is an invitation‑only executive peer community of CLOs, GCs and their teams. Nick co‑led the discussion around navigating board expectations, managing enterprise risk, responding to market pressures and making high-stakes decisions when the path forward isn’t always clear.

On September 9, 2026, the U.S. District Court for the Southern District of New York granted a motion to dismiss all claims in their entirety on behalf of Cravath client Oddity Tech Ltd. (“Oddity”) and individual defendants in a putative securities fraud class action. 

On September 10, 2026, Cravath partner Alyssa K. Caples participated in the International Bar Association’s “Key Developments in Latin American Transactions and Their Financing; a Look at the Present and the Future” conference, in Rio de Janeiro, Brazil. Alyssa spoke on a panel entitled “Tender Offers and Acquisition Finance,” which discussed the challenges and available guidelines for identifying a transfer of control event and the triggers for mandatory tender offers, whether based on subjective or objective criteria. Panelists covered existing debt pushdown structures and the legal and regulatory limits including disclosure for acquisition finance.

On September 9, 2026, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the second quarter of 2026. Highlights from this edition include:

On September 9, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC‑registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on August 25, 2026.

Cravath represented the underwriters in connection with the $2.25 billion registered senior notes offering of MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns, operates, develops and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon‑based products. The transaction closed on August 24, 2026.

Darin Zywan is a Principal, Corporate Tax, at the KPMG Washington National Tax practice. In the Season 12 premiere of On Tax, he and Cravath partner and host Len Teti talk about Darin’s path to the law through the world of accounting, and how an early‑career moment of serendipity led him to discover a passion for corporate tax. They also discuss how a willingness to embrace opportunities to contribute and learn helped drive Darin’s development as a tax lawyer.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million revolving credit facility made available to Valvoline Inc., a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States and Canada. The transaction closed on August 24, 2026.

On September 4, 2026, Stanley Black & Decker, a worldwide leader in Tools and Outdoor, announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel is a leading designer and manufacturer of premium commercial and residential turf‑care equipment under the distinct brand of Hustler Turf Equipment (“Hustler”). Cravath is representing Stanley Black & Decker in connection with the transaction.

Cravath represented the underwriters in connection with the $1.25 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The transaction closed on August 20, 2026.

On September 2, 2026, Cravath partner and former Under Secretary of Commerce and Director of the United States Patent and Trademark Office David J. Kappos testified before the Subcommittee on Courts, Intellectual Property, Artificial Intelligence, and the Internet of the United States House Judiciary Committee. The hearing, entitled “Renewal of USPTO Fee Setting Authority: Giving Full Effect to the America Invents Act,” considered Congress's role in renewing PTO’s fee setting authority alongside the agency discretion and procedural limits Congress built into the American Invents Act.

On September 1, 2026, Intellectual Asset Management (“IAM”) published an article by Cravath partner David J. Kappos and associate Noa M. Ma entitled "Comparable Licences Entered in the Shadow of Litigation are the Best Benchmark." The article discusses whether licenses reached during SEP litigation should be used to determine FRAND rates, arguing that these agreements often provide the best evidence of real‑world market value.

Cravath represented the underwriters in connection with the $2 billion registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. Cravath also represented the dealer managers in The Mosaic Company's concurrent $1.4 billion cash tender offer. The transactions closed on August 17, 2026 and August 18, 2026, respectively.