Intellectual Property

On January 13, 2025, Johnson & Johnson and Intra‑Cellular Therapies, Inc. announced that they have entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of Intra‑Cellular Therapies, a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, for $132 per share in cash for a total equity value of approximately $14.6 billion. Cravath is representing Johnson & Johnson in connection with the transaction.

On January 6, 2025, The Walt Disney Company (“Disney”) and FuboTV Inc. (“Fubo) announced that they have entered into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo, forming a combined virtual MVPD company of which Disney will become the majority owner.

On December 20, 2024, Bendix Commercial Vehicle Systems LLC (“Bendix”), a North American subsidiary of Knorr-Bremse, announced the company finalized the sale of its wholly owned subsidiary, R.H. Sheppard Co., Inc. (“R.H. Sheppard”), to an affiliate of Balmoral Funds LLC (“Balmoral”), a Los Angeles-based private equity firm. The transaction encompasses the entire Sheppard business, including Sheppard’s branded products, production equipment, sales and service companies, and interests in joint ventures relating to sales and production. Cravath is representing Bendix in connection with the transaction.

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 January 13, 2025, Cravath published the fourth edition of its Cravath Data Privacy and Security Review newsletter. The Review provides an overview of U.S. state and federal legislative and regulatory developments, alongside U.S. and global enforcement trends and takeaways, in data privacy and cybersecurity for the last six months of 2024. The Review also provides an update on emerging and existing privacy and security legislation at the federal level, including the Video Privacy Protection Act, and highlights notable legislative developments at the state level, including in California, Illinois, New York and Pennsylvania. This edition highlights the heightened focus on cybersecurity and privacy‑related enforcement at federal agencies including the Federal Trade Commission, Securities and Exchange Commission, Department of Health and Human Services and Department of Justice, and provides global enforcement updates from the European Union, Australia and China.

On December 18, 2024, Intellectual Asset Management and World Trademark Review published an article co‑authored by Cravath partners David J. Kappos and Sharonmoyee Goswami, Intellectual Property Office of Singapore senior legal counsel Teh Joo Lin and Singapore International Arbitration Centre director and head of Americas Adriana Uson. The article, entitled “Making the Case for Arbitration in Global AI IP Disputes” in IAM and “Why Arbitration May Be Best Route to Resolve Global AI IP Disputes” in WTR, discusses the unique challenges posed by AI‑related disputes and explores why alternative dispute resolution (“ADR”) avenues like arbitration are particularly well‑suited to resolving such disputes. The article outlines the various factors that favor ADR for AI‑related disputes, including the novelty of the issues raised in these disputes; cost considerations; confidentiality and privacy; and time sensitivity due to the rapid pace of AI development.

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.”