IP and Strategic Tech Transactions

On April 27, 2026, Thermo Fisher Scientific Inc. (“Thermo Fisher”), the world leader in serving science, announced that it has signed a definitive agreement to sell its microbiology business, which provides antimicrobial susceptibility testing and culture media solutions for clinical, pharmaceutical and food safety testing, to Astorg, a leading pan‑European private equity firm, for consideration of approximately $1.075 billion, consisting of cash and a $50 million seller note. Cravath is representing Thermo Fisher in connection with the transaction.

On March 31, 2026, Biogen Inc. and Apellis Pharmaceuticals, Inc. announced that the companies have entered into a definitive agreement under which Biogen has agreed to acquire all outstanding shares of Apellis for $41.00 per share in cash at closing, or approximately $5.6 billion. Apellis stockholders will also receive a nontransferable CVR for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain annual global net sales thresholds being met for SYFOVRE®. Cravath is representing Biogen in connection with the transaction.

On March 10, 2026, Elsevier, a global leader in advanced information and decision support and part of RELX, announced it has entered into a definitive agreement to acquire Mytonomy, a leader in video-based patient engagement solutions that will complement Elsevier’s Clinical Solutions portfolio. Cravath is representing RELX in connection with the transaction.

On March 9, 2026, Universal Health Services, Inc. (“UHS”) announced that it has entered into a definitive agreement to acquire Talkspace, Inc. (“Talkspace”) for $5.25 per share. The enterprise value for the transaction is approximately $835 million. Cravath is representing Talkspace in connection with the transaction.

On March 2, 2026, Select Medical Holdings Corporation (“Select Medical”) announced that it has entered into a definitive agreement pursuant to which an entity affiliated with a consortium led by Robert A. Ortenzio, Executive Chairman, Co-Founder and Director of Select Medical, Martin F. Jackson, Senior Executive Vice President of Strategic Finance and Operations of Select Medical, and Welsh, Carson, Anderson & Stowe (“WCAS” and, together with Mr. Ortenzio and Mr. Jackson, the “Consortium”) will acquire all of the outstanding shares of common stock of Select Medical not already owned by the Consortium for a price per share of $16.50 in cash, representing an enterprise value of $3.9 billion, on the terms and subject to the conditions set forth in the merger agreement. Cravath is representing the buyer consortium in connection with the transaction.

On May 28, 2026, Cravath of counsel Kathryn-Ann Stamm was honored at The Legal Benchmarking Group’s Women in Business Law Americas Awards in New York, where she was recognized as the 2026 “North America Intellectual Property Rising Star.” Now in its 15th year, the Awards program recognizes leading legal practitioners who are breaking new ground in their areas of expertise.

On May 28, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high‑level review of activity across technical, regulatory, legal, and market areas of AI over the last month.  

On May 17, 2026, Cravath partner David J. Kappos participated in the Best Practices in Intellectual Property 12th Annual Conference, which was hosted by Intellectual Property Resources in Tel Aviv and featured global decision‑makers and leading IP professionals to discuss global IP issues, trends and legislation. Dave served as one of the program’s co‑chairs and delivered opening remarks. He also participated in a fireside chat entitled “IP in the Geopolitical Race,” and spoke on a panel entitled “AI Issues in Strategic Agreements.” Dave also moderated a panel entitled “SEPs, Patent Pools and Platform Issues.”  

On May 8, 2026, Lawdragon announced the inclusion of 6 Cravath partners in its annual list of the “500 Leading Global Cyber Lawyers.” The list, assembled based on research and vetting by peers, celebrates the lawyers who handle the most sensitive online threats to protect data and national security, fight for the digital rights of consumers against negligent companies and navigate the insurance, fintech and compliance aspects of complex tech transactions.

On April 28, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high-level review of activity across technical, regulatory, legal, and market areas of AI over the last month.