Intellectual Property

On June 23, 2025, Illumina, Inc. (“Illumina”) announced it has entered into a definitive agreement with Standard BioTools under which Illumina will acquire SomaLogic, a leader in data‑driven proteomics technology, and other specified assets for $350 million in cash payable at closing, subject to customary adjustments, plus up to $75 million in near-term performance‑based milestones and performance‑based royalties. Cravath is representing Illumina in connection with the transaction.

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

On June 4, 2025, Flowserve Corporation (“Flowserve”) and Chart Industries, Inc. (“Chart”) announced that they have entered into a definitive agreement to combine in an all-stock merger of equals, creating a differentiated leader in industrial process technologies. The combined company is expected to have an enterprise value of approximately $19 billion based on the exchange ratio and the closing share prices for Flowserve and Chart as of June 3, 2025. Under the agreement, which has been unanimously approved by the board of directors of each company, at the closing of the transaction Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. Following the close of the transaction, Flowserve shareholders will own approximately 46.5% and Chart shareholders will own approximately 53.5% of the combined company, on a fully diluted basis. Cravath is representing Flowserve in connection with the transaction.

On May 28, 2025, rhode, a fast‑growing, multi‑category lifestyle beauty brand founded by Hailey Bieber, and e.l.f. Beauty announced they have signed a definitive agreement for e.l.f. Beauty to acquire rhode. The $1 billion deal is comprised of $800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments, and an additional potential earnout consideration of $200 million based on the future growth of the brand over a three‑year timeframe. Hailey Bieber will continue her role as Founder and additionally serve as rhode’s Chief Creative Officer and Head of Innovation, overseeing creative, product innovation and marketing. She will also act as a Strategic Advisor to the combined companies. Cravath is representing Hailey Bieber in connection with the transaction.

On May 25, 2025, WiseTech Global, developer of leading logistics execution software CargoWise, announced it has entered into a binding agreement to acquire E2open Parent Holdings, Inc. (“e2open”), a U.S.‑based leading provider of SaaS solutions in the global logistics value chain, for $3.30 per share in cash equating to an enterprise value of $2.1 billion. Cravath is representing WiseTech Global in connection with the transaction.

Cravath partner David J. Kappos, of counsel Kathryn‑Ann Stamm and associate Vincent Joralemon co‑authored an article entitled “Non‑Disclosure Agreements Shield Buyers and Sellers in M&A Deals,” which was published in Bloomberg Law on May 29, 2025. The article, which reviews recent court decisions regarding the enforcement of non‑disclosure agreements (“NDAs”), provides an overview of how NDAs protect both buyers and sellers in all types of strategic transactions, including mergers and acquisitions, the clear parameters that must be established to ensure NDA enforceability and the rights, responsibilities and available remedies for the parties involved.

On May 2, 2025, Cravath partners David J. Kappos, John D. Buretta, Noah Joshua Phillips, Sasha Rosenthal‑Larrea, Evan Norris, Michael L. Arnold and Kimberley S. Drexler were named to Lawdragon’s list of “500 Leading Global Cyber Lawyers” in recognition of their work advising clients on incident response and preparation, corporate governance and disclosure matters, investigations and regulatory enforcement, and transactional and competition matters related to data privacy and cybersecurity. The list recognizes “world leaders in privacy, data, security, incident response, and the deals and lawsuits that revolve around all things Cyber.”

On April 28, 2025, Cravath partner David J. Kappos participated in Licensing Executives Society International’s annual conference, LESI2025, which was held from April 27‑29 in Singapore. Dave spoke on a panel entitled “The Future of Smart Cities: Navigating the Intersection of Innovation, Technology and Intellectual Property,” which examined the evolving landscape of smart cities and the roles of intellectual property, innovation and technology in fostering sustainable development.

On April 24, 2025, Managing IP honored Cravath at the publication’s 2025 Americas Awards, which recognize “in‑house teams, firms, individuals and corporations behind the most innovative and challenging IP work of the past year, as well as those driving the international market.” The Firm was honored with an Impact Case of the Year award for its successful representation of client Sherman Nealy in an appeal before the U.S. Supreme Court, which ruled the Copyright Act entitles a copyright owner to obtain damages for any timely filed infringement claim, regardless of when the infringement occurred.

On April 25, 2025, Cravath partners Sasha Rosenthal‑Larrea and Sharonmoyee Goswami participated in Fordham Law School’s 32nd Annual Intellectual Property Law & Policy Conference, which took place from April 24‑25 in New York. The conference convened experts across the public and private sectors to discuss developments in the IP law and policy space. Sasha spoke on a panel entitled “Artificial Intelligence” during a session on copyright law, and Sharon spoke on a panel entitled “Patents & Remedies” during a session on patent law.