Four Decades for Justice
Led by two former Commissioners of the Federal Trade Commission—one of whom also served as U.S. Assistant Attorney General for Antitrust at the Department of Justice—Cravath’s highly regarded antitrust practice provides a wealth of experience and insight with respect to formulating global antitrust strategy, securing regulatory clearance for mergers and acquisitions, and defending against charges of anticompetitive behavior. Clients turn to Cravath to handle their most important antitrust work based on the Firm’s exceptional depth of knowledge and long track record of success in high‑stakes, complex and precedent‑setting matters, including U.S. v. IBM, U.S. v. AT&T and U.S. v. American Express.
We handle regulatory clearance for some of the world’s largest transactions, including in recent years advising on Anheuser‑Busch InBev’s $123 billion acquisition of SABMiller; British American Tobacco’s $97 billion merger with Reynolds American; Mylan’s $50 billion combination with Upjohn to form Viatris; and Afterpay’s $29 billion acquisition by Square. We regularly interface with competition agencies and recognize that advisory matters can present some of the most complicated and unusual antitrust issues for our clients. We work closely with clients to develop a deep understanding of their business, positioning us not only to provide the “answer,” but also to assist each client in finding the right and workable business solution.
Complex antitrust litigation is a hallmark of Cravath’s practice, and we bring to bear courtroom excellence and government experience to deliver the most comprehensive, innovative and tactical antitrust advice to our clients around the world—from initial investigation through final appeal. We handle antitrust litigation covering the entire spectrum, from managing class actions spread across the country to litigating individual actions in a single jurisdiction. We also excel at bet‑the‑company enforcement actions, trying and winning cases against the government. Trained as generalists, our litigators see the broader picture and are able to navigate the intersection between antitrust law and other areas, including securities and intellectual property, to devise creative and holistic solutions to our clients’ most pressing disputes.
In addition, we handle a variety of public and non‑public antitrust‑related governmental investigations in the United States and around the world, including investigations related to transactions and allegations of price fixing, coordination in output, monopolization and industry‑wide conspiracy.
Year after year, Cravath’s cross‑disciplinary team is recognized at the top of the nation’s most highly regarded antitrust practices. Chambers USA distinguishes our attorneys for handling “cutting‑edge matters at the forefront of antitrust,” and has repeatedly named Cravath its “Antitrust Law Firm of the Year.” We also have been named Benchmark Litigation’s “Antitrust Firm of the Year” and honored numerous times as “Regional Firm of the Year – Americas” by Global Competition Review (“GCR”) and “Competition Practice Group of the Year” by Law360. The Firm’s transactional and litigation matters are frequently recognized for their innovation and impact by Benchmark Litigation, GCR, and the Financial Times. In addition, we are consistently ranked as a top tier firm by leading industry publications including Benchmark Litigation, Chambers USA, GCR and The Legal 500 US.
Our team has earned repeated praise from clients, the market and the press, including:
We handle regulatory clearance for some of the world’s largest transactions, including in recent years advising on Anheuser‑Busch InBev’s $123 billion acquisition of SABMiller; British American Tobacco’s $97 billion merger with Reynolds American; Mylan’s $50 billion combination with Upjohn to form Viatris; and Afterpay’s $29 billion acquisition by Square. We regularly interface with competition agencies and recognize that advisory matters can present some of the most complicated and unusual antitrust issues for our clients. We work closely with clients to develop a deep understanding of their business, positioning us not only to provide the “answer,” but also to assist each client in finding the right and workable business solution.
Complex antitrust litigation is a hallmark of Cravath’s practice, and we bring to bear courtroom excellence and government experience to deliver the most comprehensive, innovative and tactical antitrust advice to our clients around the world—from initial investigation through final appeal. We handle antitrust litigation covering the entire spectrum, from managing class actions spread across the country to litigating individual actions in a single jurisdiction. We also excel at bet‑the‑company enforcement actions, trying and winning cases against the government. Trained as generalists, our litigators see the broader picture and are able to navigate the intersection between antitrust law and other areas, including securities and intellectual property, to devise creative and holistic solutions to our clients’ most pressing disputes.
In addition, we handle a variety of public and non‑public antitrust‑related governmental investigations in the United States and around the world, including investigations related to transactions and allegations of price fixing, coordination in output, monopolization and industry‑wide conspiracy.
Year after year, Cravath’s cross‑disciplinary team is recognized at the top of the nation’s most highly regarded antitrust practices. Chambers USA distinguishes our attorneys for handling “cutting‑edge matters at the forefront of antitrust,” and has repeatedly named Cravath its “Antitrust Law Firm of the Year.” We also have been named Benchmark Litigation’s “Antitrust Firm of the Year” and honored numerous times as “Regional Firm of the Year – Americas” by Global Competition Review (“GCR”) and “Competition Practice Group of the Year” by Law360. The Firm’s transactional and litigation matters are frequently recognized for their innovation and impact by Benchmark Litigation, GCR, and the Financial Times. In addition, we are consistently ranked as a top tier firm by leading industry publications including Benchmark Litigation, Chambers USA, GCR and The Legal 500 US.
Our team has earned repeated praise from clients, the market and the press, including:
Deals & Cases
February 28, 2024
On February 28, 2024, Viatris Inc. (“Viatris”), a global healthcare company, and Idorsia Ltd (“Idorsia”) announced they have entered into agreements for a significant global research and development collaboration under which Viatris will receive exclusive global development and commercialization rights to two Phase 3 assets as well as the potential to add additional innovative assets in the future.
Deals & Cases
February 12, 2024
On February 12, 2024, CymaBay Therapeutics (“CymaBay”) and Gilead Sciences, Inc. (“Gilead”) announced a definitive agreement under which Gilead will acquire CymaBay for $32.50 per share in cash or a total equity value of $4.3 billion. The addition of CymaBay’s investigational lead product candidate, seladelpar for the treatment of primary biliary cholangitis, complements Gilead’s existing liver portfolio and aligns with its longstanding commitment to bringing transformational medicines to patients. Cravath is representing CymaBay in connection with the transaction.
Deals & Cases
February 06, 2024
On February 6, 2024, altafiber, provider of integrated communications solutions over its fiber‑optic network to residential and business customers in Ohio, Kentucky, and Indiana, and TowerBrook Capital Partners (“TowerBrook”), the New York and London‑based international investment firm, announced that TowerBrook has agreed to acquire CBTS, a leading North American provider of IT solutions and services, from altafiber. Cravath is representing altafiber in connection with the transaction.
Deals & Cases
January 31, 2024
On January 31, 2024, Health Care Service Corporation (“HCSC”), the country’s largest customer‑owned health insurer, announced that it has signed a definitive agreement with The Cigna Group (“Cigna”) to acquire its Medicare Advantage, Medicare Supplemental Benefits, Medicare Part D and CareAllies businesses for a purchase price of $3.3 billion. Cigna’s Medicare plans currently serve 3.6 million Medicare members. Cravath is representing HCSC in connection with the transaction.
Deals & Cases
January 29, 2024
On January 29, 2024, Montana Technologies LLC (“Montana Technologies”) announced an agreement to form a joint venture with GE Vernova, a global leader in electrification, decarbonization, and energy solutions, to incorporate GE Vernova’s proprietary sorbent materials into systems that utilize Montana Technologies’ patented AirJoule® dehumidification, air conditioning, and atmospheric water harvesting technology. The joint venture will exclusively manufacture and supply products incorporating the combined technologies to leading original equipment manufacturers and customers in the Americas, Africa, and Australia. Cravath is representing Montana Technologies in connection with the transaction.
Accolades
March 14, 2024
On March 13, 2024, Benchmark Litigation honored Cravath partner David R. Marriott as its “Trial Lawyer of the Year” at the publication’s twelfth annual U.S. Awards, which were held in New York City. The awards recognize “the country’s most distinguished litigators and their firms for their exemplary work over the past twelve months.”
Accolades
March 14, 2024
On March 13, 2024, Benchmark Litigation named Cravath partner Daniel Slifkin to its “Hall of Fame” at the publication’s twelfth annual U.S. Awards, which were held in New York City. The awards recognize “the country’s most distinguished litigators and their firms for their exemplary work over the past twelve months.”
Activities & Publications
March 08, 2024
On March 6, 2024, Cravath partner Christine A. Varney participated in the Organisation for Economic Co‑operation and Development Competition Open Day in Paris. The event convened legal practitioners, economists, consultants, in‑house counsel, regulators and academics to discuss cutting‑edge topics recently addressed by the OECD Competition Committee. Christine spoke on a panel entitled “The Relationship Between Competition and Innovation,” which reviewed different approaches competition authorities have used and could use to incorporate innovation when evaluating a transaction or determining if a certain behavior is anti‑competitive, including the consideration of efficiencies, the analysis of other drivers of innovation and the design of remedies and commitments.
Activities & Publications
March 08, 2024
On March 8, 2024, Cravath partner Richard Hall spoke at the 36th Corporate Law Institute, which was hosted by Tulane University Law School from March 7‑8, 2024, in New Orleans, Louisiana, and featured judges and leading professionals to discuss the latest developments in M&A, corporate and securities law. Richard spoke on a panel entitled “Regulatory Merger Control Regimes – Developments in Antitrust and Foreign Direct Investments.”
Activities & Publications
March 07, 2024
On March 6, 2024, Cravath partner Noah Joshua Phillips participated in the 2024 D&O Symposium, which was hosted by the Professional Liability Underwriting Society in New York. Noah spoke on a panel entitled “Regulatory Investigations, Enforcement Actions & Priorities,” which reviewed the current and future regulatory landscape at the U.S. Securities and Exchange Commission and Federal Trade Commission and evolving Directors & Officers coverage for resulting claims.
Deals & Cases
February 28, 2024
On February 28, 2024, Viatris Inc. (“Viatris”), a global healthcare company, and Idorsia Ltd (“Idorsia”) announced they have entered into agreements for a significant global research and development collaboration under which Viatris will receive exclusive global development and commercialization rights to two Phase 3 assets as well as the potential to add additional innovative assets in the future.
Deals & Cases
February 12, 2024
On February 12, 2024, CymaBay Therapeutics (“CymaBay”) and Gilead Sciences, Inc. (“Gilead”) announced a definitive agreement under which Gilead will acquire CymaBay for $32.50 per share in cash or a total equity value of $4.3 billion. The addition of CymaBay’s investigational lead product candidate, seladelpar for the treatment of primary biliary cholangitis, complements Gilead’s existing liver portfolio and aligns with its longstanding commitment to bringing transformational medicines to patients. Cravath is representing CymaBay in connection with the transaction.
Deals & Cases
February 06, 2024
On February 6, 2024, altafiber, provider of integrated communications solutions over its fiber‑optic network to residential and business customers in Ohio, Kentucky, and Indiana, and TowerBrook Capital Partners (“TowerBrook”), the New York and London‑based international investment firm, announced that TowerBrook has agreed to acquire CBTS, a leading North American provider of IT solutions and services, from altafiber. Cravath is representing altafiber in connection with the transaction.
Deals & Cases
January 31, 2024
On January 31, 2024, Health Care Service Corporation (“HCSC”), the country’s largest customer‑owned health insurer, announced that it has signed a definitive agreement with The Cigna Group (“Cigna”) to acquire its Medicare Advantage, Medicare Supplemental Benefits, Medicare Part D and CareAllies businesses for a purchase price of $3.3 billion. Cigna’s Medicare plans currently serve 3.6 million Medicare members. Cravath is representing HCSC in connection with the transaction.
Deals & Cases
January 29, 2024
On January 29, 2024, Montana Technologies LLC (“Montana Technologies”) announced an agreement to form a joint venture with GE Vernova, a global leader in electrification, decarbonization, and energy solutions, to incorporate GE Vernova’s proprietary sorbent materials into systems that utilize Montana Technologies’ patented AirJoule® dehumidification, air conditioning, and atmospheric water harvesting technology. The joint venture will exclusively manufacture and supply products incorporating the combined technologies to leading original equipment manufacturers and customers in the Americas, Africa, and Australia. Cravath is representing Montana Technologies in connection with the transaction.
Accolades
March 14, 2024
On March 13, 2024, Benchmark Litigation honored Cravath partner David R. Marriott as its “Trial Lawyer of the Year” at the publication’s twelfth annual U.S. Awards, which were held in New York City. The awards recognize “the country’s most distinguished litigators and their firms for their exemplary work over the past twelve months.”
Accolades
March 14, 2024
On March 13, 2024, Benchmark Litigation named Cravath partner Daniel Slifkin to its “Hall of Fame” at the publication’s twelfth annual U.S. Awards, which were held in New York City. The awards recognize “the country’s most distinguished litigators and their firms for their exemplary work over the past twelve months.”
Activities & Publications
March 08, 2024
On March 6, 2024, Cravath partner Christine A. Varney participated in the Organisation for Economic Co‑operation and Development Competition Open Day in Paris. The event convened legal practitioners, economists, consultants, in‑house counsel, regulators and academics to discuss cutting‑edge topics recently addressed by the OECD Competition Committee. Christine spoke on a panel entitled “The Relationship Between Competition and Innovation,” which reviewed different approaches competition authorities have used and could use to incorporate innovation when evaluating a transaction or determining if a certain behavior is anti‑competitive, including the consideration of efficiencies, the analysis of other drivers of innovation and the design of remedies and commitments.
Activities & Publications
March 08, 2024
On March 8, 2024, Cravath partner Richard Hall spoke at the 36th Corporate Law Institute, which was hosted by Tulane University Law School from March 7‑8, 2024, in New Orleans, Louisiana, and featured judges and leading professionals to discuss the latest developments in M&A, corporate and securities law. Richard spoke on a panel entitled “Regulatory Merger Control Regimes – Developments in Antitrust and Foreign Direct Investments.”
Activities & Publications
March 07, 2024
On March 6, 2024, Cravath partner Noah Joshua Phillips participated in the 2024 D&O Symposium, which was hosted by the Professional Liability Underwriting Society in New York. Noah spoke on a panel entitled “Regulatory Investigations, Enforcement Actions & Priorities,” which reviewed the current and future regulatory landscape at the U.S. Securities and Exchange Commission and Federal Trade Commission and evolving Directors & Officers coverage for resulting claims.
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