Intellectual Property

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.

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.

On November 17, 2025, Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), a leading Japanese insurance company and subsidiary of MS&AD Insurance Group Holdings, Inc., announced it has agreed to acquire an 18% equity interest in Barings LLC (“Barings”), an asset management company and wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), from MassMutual. MassMutual will receive approximately $1.44 billion as a result of the transaction. Barings will continue to operate as an independent subsidiary of MassMutual. Cravath is representing MSI in connection with the transaction.

On November 3, 2025, Kenvue Inc. (“Kenvue”), a global consumer health leader, and Kimberly‑Clark Corporation (“Kimberly‑Clark”), a global personal care leader, announced an agreement under which Kimberly‑Clark will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction that values Kenvue at an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly‑Clark common stock on October 31, 2025. Under the terms of the agreement, which has been unanimously approved by each company’s Board of Directors, Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly‑Clark shares for each Kenvue share held at closing. Upon closing of the transaction, current Kenvue shareholders are expected to own approximately 46% and current Kimberly‑Clark shareholders are expected to own approximately 54% of the combined company on a fully diluted basis. Cravath is representing Kenvue in connection with the transaction.

Cravath represented Alliance Laundry Holdings Inc. in connection with its $950.29 million initial public offering of common stock. Alliance Laundry Holdings, an affiliate of BDT & MSD Partners, LLC, is the world’s largest designer and manufacturer of commercial laundry systems, serving a diverse range of global markets. The transaction closed on October 10, 2025.

On November 5, 2025, Cravath partner David J. Kappos participated in Asia Society Northern California’s (“ASNC”) “A Workshop on Data Driven Approaches to Understanding Chinese Tech Competitiveness” in Washington, D.C. Hosted as part of ASNC’s Tech Series, the event brought together leading experts and policymakers involved in technology, export controls, trade, intellectual property, talent and education to foster an evidence‑based understanding of China’s evolving technological landscape and to identify actionable insights for U.S. strategy and policy development. Workshop participants discussed topics including patent analytics, intellectual property trends, research output, technology adoption, trade and investment data analysis and the impact of export controls and regulatory tools. Dave spoke on the topic “Uses and Abuses of Intellectual Property to Assess Tech Competitiveness.”

On October 9, 2025, Cravath of counsel Kathryn‑Ann Stamm participated in a panel entitled “Legal Side of Startups,” hosted by the NYU Stern Business and Law Association (“SBLA”). SBLA is dedicated to exploring the intersection between business and law by sharing practical insights from professionals involved in corporate law, strategy and entrepreneurship. During the panel, Kathryn‑Ann spoke about the interplay between venture capital and intellectual property (“IP”) law, emphasizing how early‑stage IP strategies underpin valuation, diligence readiness and long‑term success. She also explored scaling challenges as startups mature and discussed how emerging technologies, including AI, are reshaping diligence, licensing, data use and product development.

On October 9, 2025, Cravath partner David J. Kappos delivered a keynote address at the Chartered Institute of Patent Attorneys (“CIPA”) Congress in Bristol, United Kingdom. The event brought together professionals from across the industry and addressed topics such as the appropriate use of artificial intelligence in view of legal and regulatory developments and how AI is influencing client requirements and client advising strategies. Dave’s presentation addressed U.S. developments at the intersection of AI and the law.

On October 9, 2025, Cravath partner Sasha Rosenthal-Larrea participated in the World IP Review’s AI and IP Summit USA in New York. The one-day conference brought together private practice, in-house teams and AI pioneers to unlock AI’s potential and drive innovation in IP strategies, featuring sessions on streamlining legal workflows, navigating evolving regulations, building ethical frameworks and developing future-facing legal skill sets. Sasha hosted a roundtable discussion entitled “Where to draw the line between collaboration and protection? Open-source innovation in the AI era.”

On October 8, 2025, Cravath partner and former Under Secretary of Commerce and Director of the United States Patent and Trademark Office David J. Kappos testified before the United States Senate Judiciary Committee’s Subcommittee on Intellectual Property. The hearing, entitled “The Patent Eligibility Restoration Act – Restoring Clarity, Certainty, and Predictability to the U.S. Patent System,” focused on the Patent Eligibility Restoration Act of 2023 and its implications for the U.S. Patent System.