WASHINGTON—The American Lawyer has named Catherine Dargan, Mike Riella, David Fagan, and Mark Plotkin as 2026 “Dealmakers of the Year.” The annual feature showcases the lawyers behind the most significant work in dealmaking. Covington is one of only three firms to have multiple transactions recognized, and this is the first time that The American Lawyer has recognized two Covington-led transactions among “Dealmakers of the Year.”
Catherine and Mike were recognized for counseling Novartis on its $12 billion acquisition of Avidity Biosciences, a transaction that included the spinoff of part of Avidity’s business, only the third time such a structure has been used to acquire a publicly traded biopharmaceutical company. The deal was also negotiated against the backdrop of two government shutdowns.
David and Mark were recognized for their work as lead CFIUS counsel to U. S. Steel in its $14.9 billion acquisition by Nippon Steel, Japan’s largest steelmaker, and as key strategic advisors across a range of the groundbreaking transaction’s workstreams. They helped architect and negotiate the mitigation framework that enabled the transaction to proceed, culminating in a landmark National Security Agreement approved by President Trump on June 13, 2025. That framework included the first-ever “golden share” held by the United States government in a U.S. company and an unprecedented commitment by Nippon Steel to invest approximately $11 billion in U. S. Steel facilities by 2028.
The Covington team advising Novartis was led by Catherine Dargan, Mike Riella, and Alicia Zhang. The Covington CFIUS team advising U.S. Steel was led by David Fagan, Mark Plotkin, Jonathan Wakely, Sam Karson, and Corinne Cook.
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