Executive Compensation and Benefits

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with $5.5 billion of credit facilities made available to Cencora, Inc., as part of the financing transactions undertaken in connection with its acquisition of OneOncology, a physician‑led national platform empowering independent medical specialty practices rooted in oncology. Cencora, Inc. is a leading global pharmaceutical sourcing and distribution services company. The credit facilities consisted of a $1.5 billion term loan facility, a $3.0 billion term loan facility and a $1.0 billion commitment increase under an existing revolving credit facility. The transaction closed on January 12, 2026.

On February 2, 2026, Hain Celestial Group, a leading global health and wellness company, announced that it has reached a definitive agreement to sell its North American Snacks business, including Garden Veggie Snacks™, Terra® chips and Garden of Eatin’® snacks, to Snackruptors Inc., a Canadian, family‑owned snacks manufacturer, for $115 million in cash. Cravath is representing Hain Celestial Group in connection with the transaction.

On January 27, 2026, Siegfried, a leading global Contract Development and Manufacturing Organization for the pharmaceutical industry, announced it has signed binding agreements with an affiliate of SK Capital Partners to acquire the drug substance business of the Noramco Group and Extractas Bioscience (“Extractas”). The acquired businesses include Noramco, Purisys and Extractas, three high-quality small molecules drug substances sites. Cravath is representing Siegfried in connection with the transaction.

Cravath represented the underwriters in connection with the $212.8 million initial public offering of class A common stock of BitGo Holdings, Inc. (“BitGo”), a leading infrastructure provider of digital asset solutions for businesses, offering solutions including custody, wallets, staking, trading, settlement and digital asset management. The shares were listed on the New York Stock Exchange. The transaction closed on January 23, 2026.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with $3.5 billion of credit facilities made available to Genmab, a leading international biotechnology company, and one of its wholly‑owned subsidiaries, Genmab Finance LLC, as part of the financing transactions undertaken in connection with its acquisition of Merus N.V., a leading oncology company developing innovative antibody therapeutics. The credit facilities consisted of a $2 billion term loan “B” facility, a $1 billion term loan “A” facility and a $500 million revolving credit facility. The transaction closed on December 12, 2025.

Cravath partners G.J. Ligelis Jr., Christopher K. Fargo, Alyssa K. Caples and Margaret T. Segall co‑authored the U.S. Law & Practice chapter of the Chambers Investing In… 2026 guide, which was published in January 2026. The guide, which is part of the publisher’s Global Practice Guide series, examines country‑specific legal issues that arise from foreign direct investment (“FDI”) and cross‑border transactions in the more than 30 jurisdictions covered. The U.S. Law & Practice chapter surveys the legal system and regulatory framework for FDI in the country, analyzing the economic climate as well as considerations related to mergers and acquisitions, corporate governance, capital markets, antitrust, national security, tax, employment and intellectual property.

Cravath released the Winter 2026 issue of its Alumni Journal, which highlights the Firm’s global alumni community. This issue features the career journey of Susan Jong, the Head of Corporate Legal and Corporate Secretary at Amazon, as well as a recent conversation with Jason Dymbort, the Executive Vice President, General Counsel and Secretary at First Solar, Inc. This edition also spotlights several alumni who have gone on to work in venture capital, or at start-ups and other companies navigating territory that comes with new technologies and market dynamics, and includes photos from the Firm’s October 2025 Alumni Reception held at the American Museum of Natural History in Manhattan. 

On November 6, 2025, Cravath partner Jonathan J. Katz participated in the Center on Executive Compensation's 2025 Annual Meeting, which was presented by the Chief Human Resource Officer (“CHRO”) Association from November 5‑6 in Washington, D.C. Jon spoke on a panel entitled “Making Winners Without Losers: Pay Strategies to Support CEO Succession,” which discussed keeping internal candidates in the game, encouraging critical development moves and attracting external executives when the moment demands it.

Cravath released the Summer 2025 issue of its Alumni Journal, which highlights the Firm’s global alumni community. This issue features the career journey of Ed Weiss, Executive Vice President, Corporate Strategy and General Counsel at Fenway Sports Group, as well as a recent conversation with Margot Miller, the Global Vice President of Legal & Corporate Affairs at AB InBev and the company’s e‑commerce platform, BEES. This edition also spotlights the Firm’s antitrust practice and includes photos of the Firm’s new London office, which was recently relocated to 100 Cheapside. 

On August 11, 2025, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which has been redesigned to provide greater insight into global venture capital and related activity during the first half of 2025 and outlook for the rest of the year. Key takeaways from this edition include: