Intellectual Property

On December 3, 2024, OMERS Private Equity, which manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans, announced the signing of a definitive agreement to acquire a majority stake in Integris, a leading provider of IT services in the United States, from Frontenac, a Chicago‑based private equity firm. Financial terms of the transaction were not disclosed. Cravath is representing OMERS Private Equity in connection with the transaction.

On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.

On November 13, 2024, Just Eat Takeaway.com N.V. (“Just Eat Takeaway.com”), one of the world’s leading global online food delivery companies, announced that it has entered into a definitive agreement to sell Grubhub Inc. (“Grubhub”) to Wonder Group, Inc. (“Wonder”) for an enterprise value of $650 million. Grubhub will be transferred with its $500 million of senior notes. Cravath is representing Just Eat Takeaway.com in connection with the transaction.

On November 4, 2024, DRI Healthcare Trust (“the Trust”), a global leader in providing financing to advance innovation in the life sciences industry, announced it has acquired a royalty interest in the worldwide net sales of all formulations of sebetralstat, an investigational oral plasma kallikrein inhibitor for the treatment of Hereditary Angioedema, from KalVista Pharmaceuticals ("KalVista") for an aggregate purchase price of up to $179 million, comprised of a $100 million upfront payment, up to $57 million in a sales-based milestone payment and a one-time $22 million optional payment. Additionally, the Trust is making a $5 million investment in KalVista’s common stock in a private placement transaction. Cravath is representing DRI Healthcare Trust in connection with the transaction.

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 November 21, 2024, Cravath partner David J. Kappos was named to IAM’s 2025 list of Strategy 300 Global Leaders. The list recognizes “the top experts in the IP world” whose “approach to intellectual property is regarded by peers as truly strategic in nature.” Inclusion in the list is based on a combination of peer nominations and editorial research.

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.