Healthcare and Life Sciences

Cravath represented the underwriters in connection with the $5 billion registered notes offering of Johnson & Johnson, the world’s largest, most diversified healthcare products company. Cravath also represented the underwriters in connection with Johnson & Johnson’s concurrent €4 billion notes offering. Proceeds of both offerings will be used to finance the acquisition of Intra‑Cellular Therapies, Inc. by Johnson & Johnson. The transactions closed on February 20, 2025, and February 26, 2025, respectively.

On February 4, 2025, Marlin Equity Partners, a leading global investment firm, announced its acquisition of EIDO Healthcare, a leading provider of digital consent and patient information solutions. EIDO Healthcare will be combined with Radar Healthcare, an existing Marlin Equity Partners portfolio company and a provider of risk, quality, and compliance software for the healthcare and social care sectors. Cravath represented Marlin Equity Partners in the committed debt financing in connection with the transaction.

On January 28, 2025, Paragon 28, Inc. (“Paragon 28”), a leading medical device company focused on the foot and ankle orthopedic segment, and Zimmer Biomet Holdings, Inc. (“Zimmer Biomet”), a global medical technology leader, announced they have entered into a definitive agreement for Zimmer Biomet to acquire all outstanding shares of common stock of Paragon 28 for an upfront payment of $13.00 per share in cash, corresponding to an equity value of approximately $1.1 billion and an enterprise value of approximately $1.2 billion. Paragon 28 shareholders will also receive a non-tradeable contingent value right (CVR) entitling the holder to receive up to $1.00 per share in cash if certain revenue milestones are achieved. Cravath is representing Paragon 28 in connection with the transaction.

On January 13, 2025, Johnson & Johnson and Intra‑Cellular Therapies, Inc. announced that they have entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of Intra‑Cellular Therapies, a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, for $132 per share in cash for a total equity value of approximately $14.6 billion. Cravath is representing Johnson & Johnson in connection with the transaction.

Cravath represented the underwriters in connection with the $1.8 billion registered senior notes offering of Cencora, Inc., a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. The transaction closed on December 9, 2024.

On May 7, 2025, Cravath partner Sharonmoyee Goswami participated in the 7th annual Life Sciences Patent Network North America–Spring Conference, which was hosted by Life Sciences Intellectual Property Review from May 6‑7 in Boston. The conference hosted law firms, in‑house patent counsel and executives from pharmaceutical and biotech companies to discuss the latest legal rulings, legislative changes and strategic approaches transforming the life sciences IP landscape. Sharon spoke on a panel entitled “Patenting Women’s Health: The Rise of Femtech,” which reviewed topics about patenting products and services designed to support women’s health, including how to overcome eligibility hurdles for biomarkers and addressing divided infringement issues for diagnostics.

On February 25, 2025, Cravath was featured by Law360 as a “Securities Practice Group of the Year.” The profile highlighted the Firm’s “reputation as one of the top law firms that companies rely on for representation when faced with derivative lawsuits, investor class actions and other securities‑related litigation,” and recognized in particular the Firm’s representation of Robinhood in the sprawling “Meme Stock” litigation; Forward Air in its amended agreement to acquire Omni Logistics, resolving previously announced litigation; Root in its Sixth Circuit win affirming the dismissal of a putative securities class action; and Mylan in its appellate win affirming summary judgment in a securities class action.

On December 11, 2024, Cravath’s antitrust practice was ranked among the “Elite” in Global Competition Review’s 2025 edition of GCR 100, a guide to the world’s leading competition law and economics practices. This is the thirteenth consecutive year the Firm has been ranked in the highest tier among New York Firms by GCR. The publication highlighted Cravath’s “bountiful antitrust work,” including its role representing clients Epic Games in litigation against Google and Apple; Meta in putative class action and individual antitrust litigation; and Amgen in a successful defense against an FTC challenge to its $27.8 billion acquisition of Horizon Therapeutics.

On December 10, 2024, Cravath was recognized by the Financial Times in connection with its annual “North America Innovative Lawyers” report, which showcases “the most innovative work and legal services that lawyers have developed for their clients in North America.” In the “Dispute Resolution” category, the Firm received “Highly Commended” honors for its representation of Epic Games in securing a unanimous jury verdict, on all counts, in its antitrust lawsuit against Google.

On November 12, 2024, Cravath partner Rachel Skaistis was profiled in Lawdragon’s “Lawyer Limelight” series alongside her sister Hannah Ross, who is a partner at a different New York-based law firm. In the joint Q&A, Rachel and Hannah discussed their parallel paths to partnership and reflected on their individual practices in securities law. Describing what she is proudest of in her work, Rachel said: “I have had the privilege of working with such amazing lawyers, and I’ve gotten to learn from so many litigation styles. But it is nice to get to a point where you feel like you have found a style of practicing and advising your clients that is true to who you are.” The sisters also spoke about the mentors and role models, including each other, who helped shape their careers as female litigators.