January 27, 2026
On January 26, 2026, Cravath partner J. Leonard Teti II participated in the International Bar Association Tax Committee’s 15th Annual London Finance and Capital Markets Tax Conference, which was held from January 26‑27. Len was featured in a roundtable discussion entitled “Taxes After the 2024 Storm – Is There a Way Back? The Global Impact of One Big, Beautiful Bill,” during which panelists examined the future of Pillar 1, Pillar 2 and digital services taxes, Sections 891, 896 and 899 retaliatory taxation dynamics, EU state aid rules, ATAD Directives, transfer pricing and joint tax audits on U.S. groups. The discussion also addressed taxing U.S. multinationals from the perspectives of jurisdictions disappointed by the final BEPS 2.0 outcome and the re‑emergence of tax competition across jurisdictions.
Deals & Cases
December 06, 2025
On December 6, 2025, Viatris Inc. (“Viatris”), a global healthcare company, announced it has entered into definitive agreements with Biocon Limited (“Biocon”) for the sale of Viatris’s equity stake in Biocon Biologics Limited. Under the definitive agreements, Biocon will acquire all of Viatris’s convertible preferred equity in Biocon Biologics Limited for a total consideration of $815 million, consisting of $400 million in cash and $415 million in newly issued equity shares of Biocon. Cravath is representing Viatris in connection with the transaction.
Deals & Cases
November 26, 2025
On November 25, 2025, Robinhood Markets, Inc. (“Robinhood”) announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group (“Susquehanna”) to operate a CFTC-licensed exchange and clearinghouse. Robinhood will serve as the controlling partner. The independent joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets. The venture will accelerate delivery of its services by acquiring MIAXdx, a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility, and wholly-owned subsidiary of Miami International Holdings, Inc. (“MIAX”). MIAX will remain invested through a strategic 10% equity stake in the exchange. Cravath is representing Robinhood in connection with the transaction.
Deals & Cases
November 18, 2025
On November 18, 2025, Axalta Coating Systems Ltd. (“Axalta”) and Akzo Nobel N.V. announced that they have entered into a definitive agreement to combine in an all‑stock merger of equals, creating a premier global coatings company with an enterprise value of approximately $25 billion. Cravath is representing Axalta in connection with the transaction.
Deals & Cases
November 17, 2025
On November 17, 2025, Johnson & Johnson announced it has entered into a definitive agreement to acquire Halda Therapeutics OpCo, Inc., a clinical‑stage biotechnology company with a proprietary Regulated Induced Proximity TArgeting Chimera (RIPTACTM) platform to develop oral, targeted therapies for multiple types of solid tumors, including prostate cancer, for $3.05 billion in cash. Cravath is representing Johnson & Johnson in connection with the transaction.
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