Financial Restructuring and Reorganization

On October 3, 2024, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, announced that one of its wholly owned subsidiaries acquired a portion of Editas Medicine, Inc.'s payment rights under a non‑exclusive license of Editas' Cas9 gene‑editing technology for CASGEVY®, the only approved gene‑edited cell therapy for sickle cell disease and transfusion‑dependent beta thalassemia, for an upfront purchase price of $57 million. The transaction entitles DRI Healthcare to specific payments based on a sublicensing agreement between Editas and Vertex Pharmaceuticals Incorporated. The payments include a share of the annual license fees that Vertex pays to Editas, which can range from $5 million to $40 million, including certain sales‑based annual license fee increases, and a portion of a $50 million contingent payment to which Editas is eligible under the Vertex sublicensing agreement. Cravath is representing DRI Healthcare in connection with the transaction.

On September 11, 2023, Bacardi Limited (“Bacardi”), the largest privately held international spirits company in the world, announced the completion of a transaction that makes the family‑owned company the sole owner of ILEGAL Mezcal®, a leading super premium artisanal mezcal. Cravath is representing Bacardi in connection with the transaction.

Cravath represented Robinhood Markets, Inc. (“Robinhood”) in its Share Purchase Agreement (the “Share Purchase Agreement”) with the United States Marshals Service (the “USMS”), acting for and on behalf of the United States, pursuant to which Robinhood agreed to purchase 55,273,469 shares of the company’s Class A common stock (the “Shares”) from the USMS for an aggregate purchase price of $605,694,411.59, or approximately $10.96 per share. The transaction closed on August 31, 2023.

On August 14, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a second royalty interest in the worldwide net sales of ORSERDU®, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy. DRI Healthcare entered into a purchase agreement with Radius Pharmaceuticals, Inc., a wholly owned subsidiary of Radius Health, Inc. for an upfront purchase price of $130 million. In addition to running royalties, DRI Healthcare is also entitled to receive milestone payments of up to $40 million on the achievement of sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.

On June 30, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a royalty interest in the worldwide net sales of Orserdu™, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy, from Eisai Co., Ltd. for $85 million. In addition to the running royalties, DRI Healthcare Trust is also entitled to receive milestones based on the achievement of regulatory and sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.

On May 7, 2025, Cravath of counsel Kiran Sheffrin participated in “Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2025,” a program presented by the Practising Law Institute from May 6‑8, 2025, in New York. Kiran spoke on a panel entitled “Distressed Partnerships (Including Bankruptcy and CARES Act),” which reviewed the complexities that arise when a distressed borrower is a partnership, including the assorted types of restructuring transactions that can have varying effects on different partners.

On April 30, 2025, Cravath partner Jelena McWilliams participated in the Innovative Payments Association’s 2025 Innovative Payments Conference, which was held from April 29 to May 1 in Washington, D.C. and included representatives of financial institutions, regulators, card organizations, technology providers, processors, law firms and other members of the payments community. Jelena was featured in a fireside chat, during which she drew on her experience as Chair of the Federal Deposit Insurance Corporation and chapter 11 trustee of Synapse Financial Technologies, Inc. to share perspectives on banking regulation, deposit insurance and the complexities of managing financial institution failures.

On February 7, 2025, Cravath partners Paul H. Zumbro and Kevin J. Orsini were named to Lawdragon’s 2025 list of Lawdragon Legends, which this year recognizes 28 lawyers nationwide who have been repeatedly featured among Lawdragon’s list of the “500 Leading Lawyers in America.” The list recognizes the lawyers “who created excellence in their law practice and sustained it on behalf of their clients and the profession for a significant length of time.”

On February 3, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the fourth quarter of 2024. This edition also examines several recent litigation decisions and restructuring developments, as well as a variety of U.S. Securities and Exchange Commission rulemaking, comment and enforcement updates. 

On November 5, 2024, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the third quarter of 2024. This edition also examines several recent litigation decisions and restructuring developments, as well as a variety of SEC rulemaking, comment and enforcement updates.