Cravath partner David J. Kappos spoke at the IPO Annual Meeting, a program hosted virtually by the Intellectual Property Owners Association from September 21 to September 24, 2020 for intellectual property professionals and owners of patents, trademarks copyright and trade secrets. Dave moderated a panel entitled “The Intersection Between Intellectual Property and Commercial Deals,” which provided practical tips on intellectual property considerations to analyze and implement in various commercial deals.
Deals & Cases
September 21, 2020
On September 21, 2020, Illumina, Inc. (“Illumina”) and GRAIL announced they have entered into a definitive agreement under which Illumina will acquire GRAIL for cash and stock consideration of $8 billion. In addition, GRAIL shareholders will receive future payments representing a tiered single digit percentage of certain GRAIL-related revenues. GRAIL, a healthcare company focused on multi-cancer early detection, was founded by Illumina, a global leader in DNA sequencing and array-based technologies, in 2016 and spun out as a standalone company. Cravath is representing Illumina in connection with the transaction.
Deals & Cases
August 19, 2020
On August 19, 2020, Johnson & Johnson announced that it has entered into a definitive agreement to acquire Momenta Pharmaceuticals, Inc. (“Momenta”), a company that discovers and develops novel therapies for immune-mediated diseases, in an all cash transaction for approximately $6.5 billion. The acquisition provides an opportunity for the Janssen Pharmaceutical Companies of Johnson & Johnson to broaden its leadership in immune-mediated diseases and drive further growth through expansion into autoantibody-driven disease. Cravath is representing Johnson & Johnson in connection with the transaction.
Deals & Cases
July 30, 2020
On July 30, 2020, World Fuel Services Corporation (“World Fuel Services”) announced that it has signed a definitive agreement to sell its Multi Service payment solutions business to Corsair Capital, a New York based private equity firm specializing in financial services. Subject to certain closing adjustments, deferred payment provisions and contingent payment provisions, World Fuel Services will receive a total of approximately $350 million in cash consideration. Cravath is representing World Fuel Services in connection with the transaction.
Deals & Cases
July 24, 2020
On July 24, 2020, Centrica plc announced that it has entered into an agreement to sell its North American energy supply, services and trading business, Direct Energy, to NRG Energy, Inc. for $3.625 billion in cash on a debt-free, cash-free basis. Cravath is representing Centrica in connection with the transaction.
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