Healthcare and Life Sciences

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 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 Artivion, Inc. in connection with $400 million of credit facilities obtained from Ares Management Credit funds. Artivion is a leader in the manufacturing, processing and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. The transaction closed on September 12, 2025.

On September 22, 2025, Premier, Inc. (“Premier”), a leading technology‑driven health care improvement company, announced that it has entered into a definitive agreement to be acquired by an affiliate of Patient Square Capital (“Patient Square”) in a transaction valued at $2.6 billion. Under the terms of the agreement, which has been unanimously approved by Premier’s Board of Directors, Premier stockholders will receive $28.25 in cash per share. Cravath is representing the Transaction Committee of Premier’s Board of Directors in connection with the transaction.

Cravath represented the sales agents in connection with the at-the-market offering of common stock totaling up to $750 million of Sabra Health Care REIT, Inc., a self-administered, self-managed REIT that owns and invests in real estate serving the health care industry. The transaction closed on August 5, 2025.

Cravath partner Margaret T. Segall and of counsel Nicole M. Peles authored a chapter entitled “Navigating the Complex Landscape of Merger Remedies in Dynamic Industries: Insights from Antitrust Authorities” for Global Competition Review’s “Merger Remedies Guide – Sixth Edition,” published on October 31, 2025. The chapter discusses common types of merger remedies, the challenges they face in dynamic industries including the pharmaceutical/biotechnology and technology sectors and the different approaches antitrust authorities use to address them.  

On November 10, 2025, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape. This edition covers:

On September 18, 2025, Cravath published the fifth edition of its Cravath Data Privacy and Security Review newsletter. The Review provides an overview of recent U.S. state and federal legislative and regulatory developments, alongside U.S. and global enforcement trends and takeaways, in data privacy and cybersecurity for the first six months of 2025. It first presents an update on emerging and existing privacy and security legislation at the federal level, including amendments to the Children’s Online Privacy Protection Rule, then highlights notable legislative developments at the state level across the country. This edition also explores the heightened focus on cybersecurity- and privacy‑related enforcement at federal agencies, including the Federal Trade Commission, Securities and Exchange Commission and Department of Justice, and provides global enforcement updates from the European Union and China.

On September 5, 2025, LMG Life Sciences honored Cravath at the publication’s 2025 Americas Awards, which recognize “top firms, attorneys and in‑house counsel for their work in the life sciences industry over the past year.” The Firm was honored with an Impact Deal of the Year award for its representation of Johnson & Johnson in its $14.6 billion acquisition of Intra Cellular Therapies, Inc.

On August 12, 2025, Cravath partner Jin‑Kyu Baek was featured in Bloomberg Law’s “They’ve Got Next: 40 Under 40” series, which recognizes young lawyers who are “raising the bar in the legal profession,” based on their work on key client matters, assumption of leadership roles, pro bono commitments and more.