IP and Strategic Tech Transactions

On October 29, 2026, ADT Inc. (“ADT”), a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., and Thrive Holdings, a permanent capital holding company focused on investing in established businesses and advancing their capabilities through technology, announced a definitive agreement under which Thrive Holdings will acquire ADT in an all‑cash transaction. The agreement values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value. Under the terms of the agreement, which ADT’s Board of Directors unanimously approved, ADT stockholders will receive $10.00 per share in cash upon completion. Following completion, ADT will become privately held and its common stock will cease trading on the New York Stock Exchange. Cravath is representing ADT in connection with the transaction.

On October 29, 2026, DoorDash, Inc. (“DoorDash”) and Maplebear Inc. (d.b.a. Instacart) (“Instacart”) announced a definitive agreement under DoorDash will acquire Instacart for a total value of $65.00 for each Instacart share, or an equity value of approximately $17 billion. The aggregate transaction consideration will be at least 75% cash, with Instacart stockholders able to elect cash, DoorDash stock, or a combination of both, subject to proration so that DoorDash stock does not exceed 25% of the aggregate consideration. Instacart's board of directors has unanimously approved the agreement. Cravath is representing Instacart in connection with the transaction.

On October 20, 2026, Alcon, a global leader in eye care, announced it has acquired Neurotech Pharmaceuticals, Inc. (“Neurotech”), a company focused on developing innovative cell therapies for chronic and neurodegenerative eye diseases, for $550 million. Alcon may be required to make additional contingent payments, including upon the achievement of commercial milestones. This acquisition expands Alcon's retina portfolio with ENCELTO™, the first and only U.S. FDA-approved treatment for adults with idiopathic Macular Telangiectasia Type 2 (“MacTel”), a rare, progressive retinal disease that leads to irreversible central vision loss that has historically had no approved treatment options. Cravath represented Neurotech in connection with the transaction.

On October 8, 2026, Viatris Inc. (“Viatris”), a global healthcare company, and Pacira BioSciences, Inc. (“Pacira”), a leader in innovative non‑opioid pain therapies, announced that they have entered into a definitive agreement under which Viatris has agreed to acquire all of the outstanding shares of common stock of Pacira for $36.50 per share in cash, representing an aggregate equity value of $1.65 billion. Cravath is representing Viatris in connection with the transaction.

On September 30, 2026, Westinghouse Electric Company (“Westinghouse”) and Brookfield Asset Management (“Brookfield”) welcomed the new strategic partnership between the U.S. Government and the Republic of Korea (“Korea”) to support the deployment of Westinghouse technology in the U.S. Under the partnership, Korea commits up to $120 billion of investment to help finance the construction of eight nuclear reactors in the U.S., including six Westinghouse AP1000 reactors and two Korean APR1400 reactors which also incorporate Westinghouse technology. The partnership also provides for a cornerstone equity investment of between 5% and 10% in Westinghouse by Korea. Cravath is representing Westinghouse and Brookfield in connection with the strategic partnership.

On October 26, 2026, Intellectual Asset Management (IAM) and World Trademark Review (WTR) published an article by Cravath partners David J. Kappos and Ryan J. Wichtowski and of counsel Kathryn‑Ann Stamm entitled “Rethinking IP Protection Strategies in the Age of AI.” The article examines how developments in AI are challenging traditional approaches to IP protection and recommends that companies combine IP rights with technical architecture, contractual discipline and relationship management to build the most resilient protection strategies.

Cravath partner Ryan J. Wichtowski participated in the International Law Association’s International Law Weekend, which was held from October 22‑24, 2026 in New York. The conference examined the reordering of the international legal order and explored how states and regional groupings can step forward to uphold, reinterpret and strengthen international law through cooperation, innovation and leadership. Ryan spoke on a panel entitled “Trade in Knowledge in an Unstable Global Economy: Navigating AI Governance, Technical Standards and (Invisible) Tariffs.”

On October 20, 2026, Cravath and Stanford Law School co‑hosted a one‑day AI event at Stanford’s campus in Palo Alto, California. The day featured a program entitled “AI at an Inflection Point,” which examined the rapidly evolving global landscape for advanced AI, including the policy, national security, geopolitical and governance questions shaping its development and deployment. Cravath partner David J. Kappos delivered opening remarks and Cravath partner Ting S. Chen spoke in a fireside chat with Anthropic’s Chief Global Affairs Officer Tino Cuéllar. In addition, Cravath of counsel Scott B. Reents moderated a lunch conversation with authors Kevin Roose and Ethan Mollick in a session entitled “The Future and Business of AI,” which explored where AI is headed, what it means for work and society and how leaders should think about what comes next.

On October 19, 2026, Cravath partner David J. Kappos participated in Open Invention Network (“OIN”)’s inaugural OIN Connect 2026, which was held in San Jose, California. The event focused on how to stay innovative while minimizing IP risk in an era of exponential Open Source use. Dave delivered a keynote address entitled “IP World in a Time of Change – OIN’s Role in Sustained Long-term Patent Risk Mitigation.”

On October 15, 2026, Cravath partner Ryan J. Wichtowski participated in the 7th Berkeley‑Tsinghua Transnational IP Conference, entitled “Transnational IP in an Age of AI and Global Competition” and hosted by the UC Berkeley Center for Law and Technology, the Berkeley Asia IP and Competition Law Center and Tsinghua University. The conference explored both the doctrinal challenges posed by advanced AI technologies and the practical realities facing innovative companies operating across jurisdictions. Ryan spoke on a panel entitled “IP Licensing and Commercialization: A U.S.‑China Comparative Perspective.”