Corporate

On March 31, 2026, Biogen Inc. and Apellis Pharmaceuticals, Inc. announced that the companies have entered into a definitive agreement under which Biogen has agreed to acquire all outstanding shares of Apellis for $41.00 per share in cash at closing, or approximately $5.6 billion. Apellis stockholders will also receive a nontransferable CVR for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain annual global net sales thresholds being met for SYFOVRE®. Cravath is representing Biogen in connection with the transaction.

Cravath represented Hasbro Inc. in connection with its $400 million registered notes offering. Hasbro, Inc., together with its subsidiaries, operates as a play and entertainment company. The transaction closed on March 12, 2026. 

Cravath represented the initial purchasers in connection with the $700 million 144A/Reg. S high‑yield senior notes offering of The Chemours Company a leading, global provider of performance chemicals. The transaction closed on March 12, 2026.

Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Essential Utilities, Inc., a holding company for regulated utilities providing water, wastewater or natural gas services to an estimated 5.5 million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands. The transaction closed on March 9, 2026.

Cravath represented the underwriters in connection with the $1.2 billion registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. Proceeds of the offering will be used to partially finance Howmet Aerospace Inc.’s acquisition of Consolidated Aerospace Manufacturing, LLC. The transaction closed on March 3, 2026.

On March 31, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high‑level review of activity across technical, regulatory, legal, and market areas of AI over the last month.

Cravath partners Jin‑Kyu Baek, Nicholas A. Dorsey and Lauren Roberta Kennedy were featured in the 2026 edition of “Practice Perspectives: Vault’s Guide to Legal Practice Areas,” which highlights the experiences of practicing lawyers in more than 20 different areas of the law and is published annually.

The Chambers USA Awards 2026 named Cravath a finalist in its Antitrust and Corporate/M&A practice area categories. The awards celebrate the achievements of leading law firms and lawyers operating across the United States, recognizing those who demonstrate excellence in legal practice, innovation and sustained performance at the highest level. The winners will be announced on June 11, 2026 at an awards ceremony in New York.

On March 20, 2026, Cravath partner G.J. Ligelis Jr. participated in the 38th Annual Tulane Corporate Law Institute, which was hosted by Tulane University Law School from March 19‑20 in New Orleans, Louisiana. The event featured discussions between M&A and securities practitioners, Delaware Supreme Court and Court of Chancery judiciary, corporate counsel and investment bankers on topics in M&A, corporate and securities law. G.J. spoke on a panel entitled “The Shareholder Proposal Process.”

On March 24, 2026, Cravath partners Robert I. Townsend III, Michael E. Mariani and Jin‑Kyu Baek were featured as 2026 “Dealmakers of the Year” by The American Lawyer in recognition of their representation of Kenvue in its $48.7 billion acquisition by Kimberly‑Clark. Putting together two companies of their size “is always a complex process,” said Mike. Added Bob, “from the Kenvue perspective, there was definitely a desire to either get to a transaction or pursue one of the other strategic alternatives” the board had considered – “it was a tremendous effort by the entire [Kenvue] management team.”