Cravath’s London Office Moves to 100 Cheapside
October 09, 2020
Cravath partner David J. Kappos spoke at “5G at the Nexus of IP, Antitrust, and Technology,” the Center for the Protection of Intellectual Property’s eight annual Fall conference. Dave spoke on a panel entitled “Markets Work: Private Ordering Mechanisms in Patent‑Intensive Markets,” which examined mechanisms devised by private industry for preempting transactional frictions and facilitating technology dissemination in patent‑intensive markets. The panel also discussed how intellectual property and antitrust policy can support or undermine private‑ordering initiatives.
Deals & Cases
October 05, 2020
On October 5, 2020, Eidos Therapeutics, Inc. (“Eidos”), a company focused on transthyretin amyloidosis, and BridgeBio Pharma, Inc., a company focused on genetic diseases, announced that they have entered into a definitive agreement under which BridgeBio has agreed to acquire all of the outstanding common stock of Eidos it does not already own, representing approximately 36.3% of Eidos’s outstanding shares, valuing Eidos at approximately $2.83 billion. Eidos stockholders will have the right to receive in the transaction, at their election, either 1.85 shares of BridgeBio common stock or $73.26 in cash per Eidos share in the transaction, up to an aggregate maximum of $175 million of cash. Cravath is representing the Special Committee of the Board of Eidos in connection with the transaction.
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.
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