Cravath’s New York Office Moves to Two Manhattan West
March 27, 2023
On March 16, 2023, Cravath was recognized by the India Business Law Journal in its “Deals of the Year 2022” feature, which highlighted “the standout deals and disputes of 2022 and the law firms that showed their worth in successfully concluding them.”
The Firm was honored for its representation of HDFC Bank Limited as U.S. counsel in its $40 billion merger with HDFC Limited, which is “India’s largest M&A deal to date.” The Firm was also honored for its representation of Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics, which the publication noted as “one of the largest outbound acquisitions by an Indian pharmaceutical company.”
Deals & Cases
April 05, 2022
On April 4, 2022, the Board of Directors of HDFC Bank Limited, the largest private sector bank in India, and Housing Development Finance Corporation Limited, India’s largest Housing Finance Company, at their respective meetings, approved a composite scheme of amalgamation for the amalgamation of: HDFC Investments Limited and HDFC Holdings Limited, with and into HDFC Limited; and HDFC Limited with and into HDFC Bank, and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The $40 billion merger is India’s largest‑ever M&A deal at the time of announcement. Cravath is representing HDFC Bank Limited as U.S. counsel in connection with the transaction.
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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