Healthcare and Life Sciences

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 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.

Cravath represented the initial purchasers in connection with the €1.85 billion 144A/Reg. S high‑yield senior secured notes offering of Rossini S.à r.l., a CVC‑controlled holding company that indirectly owns a majority interest in Recordati S.p.A., an international specialty pharmaceutical company. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on July 18, 2024.

On June 24, 2024, Illumina, Inc. (“Illumina”), a global leader in DNA sequencing and array-based technologies, announced the successful completion of the spin-off of GRAIL, a healthcare company whose mission is to detect cancer early. This follows Illumina’s previously announced plans to divest GRAIL, and GRAIL is now a public and independent company. The separation was achieved through the distribution of 85.5% of the outstanding shares of GRAIL to holders of Illumina common stock on June 24, 2024. In addition to retaining their shares of Illumina common stock, Illumina shareholders received one share of GRAIL common stock for every six shares of Illumina stock held as of close of business on the record date of June 13, 2024. Illumina retained 14.5% of the outstanding shares of GRAIL common stock. Cravath represented Illumina in connection with the transaction.

Cravath represented the initial purchasers in connection with the $1.225 billion 144A/Reg. S high‑yield senior secured notes offering of CHS/Community Health Systems, Inc. CHS/Community Health Systems, Inc., together with its parent company, Community Health Systems, Inc., is one of the nation’s largest healthcare companies. The transaction closed on June 5, 2024.

On October 29, 2024, Cravath partner Noah J. Phillips spoke at Cedar’s annual Financial Leadership Council, which convened healthcare CFOs, revenue cycle officers and senior finance leaders and was held from October 28‑30 in New York. Noah spoke at a session that reviewed the regulatory environment surrounding healthcare M&A, the FTC's current approach and key scrutiny areas and potential changes.

On September 5, 2024, Cravath was named the recipient of the New York Law Journal’s 2024 “Litigation Department of the Year” award in the General Litigation category, the publication’s highest firmwide honor for litigation practice. The Firm was honored at the New York Legal Awards for a period that saw it earn numerous major successes on behalf of clients across industries, including Epic Games in an antitrust trial victory against Google, Robinhood in the sprawling and high-profile “meme stock” litigation and PG&E in its successful defense against a putative class action involving wins in multiple courts.

On September 5, 2024, LMG Life Sciences honored Cravath at the publication’s 2024 Americas Awards, which recognize “the region’s most distinguished practitioners and their firms for their exemplary work in the Life Sciences legal practice.” The Firm was honored with an Impact Case of the Year award for its successful defense of Amgen against a Federal Trade Commission challenge to Amgen’s acquisition of Horizon Therapeutics. Cravath partner David R. Marriott accepted the award on behalf of the Firm.

On July 17, 2024, Cravath of counsel Kiran Sheffrin was featured as part of Law360’s 2024 “Rising Stars” series as one of the top tax attorneys in the nation under the age of 40. The related profile highlights Kiran’s representation of clients such as Anheuser‑Busch InBev and Valvoline on multibillion‑dollar deals, as well as Mylan in its $50 billion combination with Upjohn to create global pharmaceutical company Viatris.

On July 17, 2024, the India Business Law Journal named Cravath among the “Key Players” in its 2024 ranking of the leading foreign law firms involved in India‑related work. The publication noted that Cravath “is often appointed on complex, high‑value deals involving Indian parties” and highlighted its representation of Tata Technologies Limited in its IPO, as well as Viatris in the divestitures of its Women’s Healthcare business and Active Pharmaceutical Ingredient business in India. Interviewees said the Firm is “proactive in covering matters and anticipating the next steps” and has “offered excellent services,” highlighting the work of Cravath partner Philip J. Boeckman.