Cravath’s New York Office Moves to Two Manhattan West
On May 9, 2024, Cravath partner Paul H. Zumbro participated in the American Bankruptcy Institute’s 2024 New York City Bankruptcy Conference. The event convened insolvency and restructuring professionals to discuss the challenges of the evolving insolvency landscape. Paul spoke on a panel entitled “Recent Confirmation Issues,” which reviewed the tools being deployed in the confirmation process (such as the use of conditional disclosure statements, toggle plans and lock‑ups/RSAs), equitable mootness in confirmation appeals and recent updates on releases and exculpation.
Deals & Cases
September 14, 2023
On September 11, 2023, Bacardi Limited (“Bacardi”), the largest privately held international spirits company in the world, announced the completion of a transaction that makes the family‑owned company the sole owner of ILEGAL Mezcal®, a leading super premium artisanal mezcal. Cravath is representing Bacardi in connection with the transaction.
Deals & Cases
September 01, 2023
Cravath represented Robinhood Markets, Inc. (“Robinhood”) in its Share Purchase Agreement (the “Share Purchase Agreement”) with the United States Marshals Service (the “USMS”), acting for and on behalf of the United States, pursuant to which Robinhood agreed to purchase 55,273,469 shares of the company’s Class A common stock (the “Shares”) from the USMS for an aggregate purchase price of $605,694,411.59, or approximately $10.96 per share. The transaction closed on August 31, 2023.
Deals & Cases
June 30, 2023
On June 30, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a royalty interest in the worldwide net sales of Orserdu™, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy, from Eisai Co., Ltd. for $85 million. In addition to the running royalties, DRI Healthcare Trust is also entitled to receive milestones based on the achievement of regulatory and sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.
Deals & Cases
April 27, 2023
On April 27, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that its wholly‑owned subsidiary has sold its royalty interest and milestone payment obligations in the worldwide sales of TZIELD™, the first disease‑modifying treatment for the delay of Stage 3 type 1 diabetes, to Sanofi S.A. (“Sanofi”) for $210 million. Cravath represented DRI Capital Inc. in connection with the transaction.
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