Cravath’s New York Office Moves to Two Manhattan West
August 01, 2022
On July 28, 2022, Cravath partner Aaron M. Gruber was featured in Bloomberg Law’s “They’ve Got Next: 40 Under 40” series, which recognizes “the accomplishments of stellar young lawyers nationwide,” based on their client work, leadership roles, pro bono service and more. In a Q&A, Aaron described his work on transformative transactions with complicated cross‑border components for client Mylan (now Viatris, following its merger with Upjohn). Aaron highlighted the rewarding experience of developing meaningful relationships with clients over time, and noted the impact of Cravath partner Mark Greene on how he practices law. In a related article, a client told Bloomberg Law that Aaron’s “ability to be detail‑oriented and relentless while simultaneously seeking practical solutions to address the broader business objectives is a huge benefit to our very demanding company, and a talent that I believe few lawyers consistently demonstrate.”
Deals & Cases
February 28, 2022
On February 28, 2022, Viatris Inc. (“Viatris”) announced that it reached a definitive agreement with Biocon Biologics Limited (“Biocon Biologics”) to contribute its biosimilars portfolio to Biocon Biologics, which will become a uniquely positioned, vertically integrated company expected to be a global biosimilars leader. Under the terms of the agreement, Viatris will contribute to Biocon Biologics its biosimilars portfolio and related commercial and operational capabilities, amounting to 2022 estimated revenue of approximately $875 million and 2022 estimated adjusted EBITDA of approximately $200 million, in exchange for pre-tax consideration of up to $3.335 billion, which represents a transaction multiple of 16.5x of estimated 2022 biosimilars adjusted EBITDA. Cravath is representing Viatris in connection with the transaction.
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