Intellectual Property

On October 25, 2024, Legal & General (“L&G”), one of the U.K.’s leading financial services groups and a major global investor, announced its strategic investment in Taurus Investment Holdings, LLC (“Taurus”), a Boston‑based, global real estate private equity firm, alongside an initial commitment of up to $200 million in seed capital to multifamily real estate. Cravath is representing L&G in connection with the transaction.

On October 7, 2024, Iris Financial, a Euronext Amsterdam-listed company focused on the financial services sector, and Younited S.A. (“Younited”), a leading European consumer credit business, announced they have signed a business combination agreement. Iris Financial will inject between €150 and €200 million of capital into Younited in consideration for newly-issued shares of Younited. At completion of the Combination (prior to the share capital increase), Iris Financial will own at least 95% of Younited, with any remaining Younited shares to be acquired by Iris after completion pursuant to drag-along provisions contained in Younited’s existing shareholder agreement and upon the exercise of put-call rights by Iris or certain historical Younited shareholders. Iris Financial will be renamed “Younited Financial” and will remain listed on Euronext Amsterdam while applying for an additional listing on Euronext Paris. Cravath is representing Iris Financial as U.S. counsel in connection with the transaction.

On October 4, 2024, Vista Outdoor Inc. (“Vista Outdoor”), the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products, announced it has entered into a definitive agreement with funds managed by Strategic Value Partners, LLC, and its affiliates (“SVP”), a global alternative investment firm with approximately $19 billion of assets under management, to sell Revelyst in an all‑cash transaction based on an enterprise value of $1.125 billion. In connection with the SVP Transaction, Vista Outdoor also entered into an amendment to the merger agreement with Czechoslovak Group a.s. (“CSG”) to acquire The Kinetic Group, increasing the purchase price for The Kinetic Group to $2.225 billion. Together, the CSG Transaction and the SVP Transaction represent an enterprise value of $3.35 billion for Vista Outdoor and will deliver an estimated $45 per share in cash to Vista Outdoor stockholders. Cravath is representing Vista Outdoor in connection with the transaction.

On October 3, 2024, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, announced that one of its wholly owned subsidiaries acquired a portion of Editas Medicine, Inc.'s payment rights under a non‑exclusive license of Editas' Cas9 gene‑editing technology for CASGEVY®, the only approved gene‑edited cell therapy for sickle cell disease and transfusion‑dependent beta thalassemia, for an upfront purchase price of $57 million. The transaction entitles DRI Healthcare to specific payments based on a sublicensing agreement between Editas and Vertex Pharmaceuticals Incorporated. The payments include a share of the annual license fees that Vertex pays to Editas, which can range from $5 million to $40 million, including certain sales‑based annual license fee increases, and a portion of a $50 million contingent payment to which Editas is eligible under the Vertex sublicensing agreement. Cravath is representing DRI Healthcare in connection with the transaction.

On September 5, 2024, Verizon Communications Inc. and Frontier Communications Parent, Inc. (“Frontier”), the largest pure‑play fiber provider in the U.S., announced they have entered into a definitive agreement for Verizon to acquire Frontier in an all‑cash transaction valued at $20 billion. Cravath is representing Frontier in connection with the transaction.

On October 25, 2024, Cravath published an article by partners D. Scott Bennett, Benjamin Gruenstein, David J. Kappos, Evan Norris, Ryan J. Patrone, Elad Roisman and Sasha Rosenthal‑Larrea, in collaboration with Jason Trager, Senior Director of Blockchain & Digital Assets at FTI Technology, entitled “Bringing Blockchain Due Diligence into Focus Alongside Uptick in Strategic Dealmaking.” The article discusses the renewed momentum around blockchain and digital assets, predicting an increase in deal activity including M&A transactions and joint ventures going into 2025, and explores the key elements that dealmaking teams should consider when conducting due diligence for these transactions.

On October 25, 2024, Cravath partner David J. Kappos spoke at the American Intellectual Property Law Association’s 2024 Annual Meeting, which was held from October 24‑26 in National Harbor, Maryland. The meeting brought together global intellectual property practitioners from corporations, law firms, government and academia. Dave spoke on two panels, entitled “Overview of March‑In Rights Under the Bayh‑Dole Act and Current Policy Activities Relating to Exercise of March‑In Rights” and “Harmonization - Status of Substantive Harmonization in 45 Minutes.”

On October 8, 2024, Cravath partner Sasha Rosenthal‑Larrea participated in “Understanding the Intellectual Property License 2024,” a program presented by the Practising Law Institute in New York. Sasha delivered a presentation entitled “Antitrust Issues in Licensing,” which addressed antitrust issues that arise in connection with licensing of intellectual property and the antitrust analysis applicable to a variety of licensing practices and scenarios.

Cravath partners Benjamin Gruenstein, Sasha Rosenthal‑Larrea and Evan Norris and Variant deputy general counsel Daniel Barabander co‑authored an article entitled “Cybersecurity Liability for Web3 Platforms: Key Issues and Risk Mitigation Solutions,” which was published by Bloomberg Law on September 4, 2024. The article explores the liability landscape faced by web3 platforms in the wake of a cybersecurity incident, including potential for negligence, breach of contract and breach of fiduciary duty claims, as well as securities law shareholder derivative claims. The article also details how parties can mitigate their risk through the integration of proactive security solutions.

On August 28, 2024, Cravath partner David J. Kappos participated in the 2024 Global Forum on Intellectual Property, which was hosted by the Intellectual Property Office of Singapore from August 27‑28, 2024, in Singapore. Dave spoke on a panel entitled “The Crossroads of IP: Man or Machine in the Age of AI?,” which reviewed the multifaceted issues confronting the IP system in the age of artificial intelligence, including whether it is tenable for the IP system to continue supporting AI innovation while holding on to the tenet that only human beings can be inventors, designers, authors and creators.