Christopher J. Donovan

Partner

Overview

Christopher J. Donovan is a partner with Foley & Lardner LLP. He focuses his practice on advising companies and their investors and lenders in mergers and acquisitions, recapitalizations, buyouts, and restructurings as well as advising on a broad range of commercial arrangements. Chris has particular experience in the health service, particularly post-acute, and life sciences sectors. He has a unique blend of deep regulatory as well as corporate and finance experience to bring to a transaction as a result of his consummating dozens of health and life science deals, both domestic and international. He is co-chair of Foley’s Health Care Industry Team, co-chair of the Post-Acute Care & Senior Housing Practice, and a member of the firm’s Private Equity & Venture Capital Practice.

Recognition

Chris has been Peer Review Rated as AV® Preeminent™, the highest performance rating in Martindale-Hubbell's peer review rating system. He was recognized by the Legal 500 for his work in the area of health care – service providers (2014) and was selected for inclusion in The Best Lawyers in America© for his work in health care law (2017).

Chris has been named on the 2019 edition of The Best Lawyers in America list in his respective area (Healthcare).

Representative Transactions

  • Represented Fazzi Associates, a leading coding, education and consulting provider to the post-acute care sector, in its sale to TPG portfolio firm Mediware Information Systems
  • Represented Blue Mountain Capital Management in the $700M acquisition of Kindred’s national skilled nursing portfolio
  • Represented Colony Capital as health care regulatory counsel in connection with its 17B merger with Northstar Asset Management and Northstar Realty
  • Represented an institutional investor in the acquisition of 33 skilled nursing facilities totaling 4,200 beds in south-central Texas, in addition to several development sites owned by Regency Post-Acute Healthcare System in Q1 2016. The transaction is reported as the largest seniors housing sale in Texas history.
  • Representing Revera Inc., a leading provider of seniors’ accommodation, care, and services, in its asset purchase agreement to sell the majority of its U.S. Nursing and Rehab division to Genesis HealthCare, Inc.
  • Represented Heraeus Medical Components, a global business unit of Heraeus Holding GmbH, in connection with a share purchase agreement to acquire 100% stock in NeoMetrics
  • Represented Revera Inc., a leading provider of seniors’ accommodation, in a new co-investment with Welltower in the ownership of the Sunrise Senior Living management company
  • Represented HLM Venture Partners in connection with its preferred equity investment in Binary Fountain, the leading provider of patient feedback management solutions designed specifically for health care in a single cloud-based platform
  • Represented Revera Inc., a leading provider of seniors’ accommodation, care and services, in its formation of a $1.35 (CND) billion joint venture with Health Care REIT, one of North America’s largest seniors housing and health care real estate investment trusts
  • Represented a national, private equity backed post-acute, a complex care management firm in an innovative, market leading joint venture with a regional nonprofit acute care hospital chain to structure ACO ready products and service offerings for full inpatient/outpatient care as well as bundled payment and episodic care service offerings to MCOs
  • Represented a German multi-national in connection with its acquisition from a major U.S. life science company of its dental antibiotic product and division consisting of a market leading drug, entire workforce and related supply chain
  • Represented a German multi-national in connection with the acquisition of technology assets from a U.S. public company, including assets in the United States, Malaysia, Singapore and Switzerland; work included world-wide anti-trust approvals
  • Represented a Canadian publicly-traded long term care company in its $2.7 billion go-private transaction in the United States
  • Represented one of the largest global private equity firms in connection with its acquisition of a healthcare information technology service, including regulatory, fraud and abuse and reimbursement related services in the United States
  • Represented several major U.S. based skilled nursing and ancillary service providers in connection with acquisition and debt financing transactions totaling over $5 billion
  • Represented several private equity companies in the leveraged buyout of a major behavioral health chain
  • Outside U.S. general counsel to one of the premier global management consulting firms, including benefits, litigation, bankruptcy, investment, anti-trust, trade and general corporate advice
  • Represent a German-based, global precious metals company and U.S. affiliates in numerous U.S. mergers and acquisition involving precious metal manufacturing concerns, including those related to auto OEM products, medical device components, and
    related businesses
  • Represented one of the largest US-based private equity firms in connection with U.S. healthcare regulatory matters transactions

Education

Chris earned his law degree from Boston College Law School. While in law school, he was a member of the Boston College International Comparative Law Review. His undergraduate degree was conferred, magna cum laude, from Georgetown University (B.S.F.S.).

Recent Speeches, Publications, and Articles

  • Co-author, “A Round Up of Key Trends in Health Care Private Equity Investments,” Health Care Law Today (May 8, 2019)
  • Moderator, “Telemedicine and Private Equity Session,” 2019 American Telemedicine Association Annual Conference and Expo (April 14-16, 2019)
  • Moderator, “Investing in the Middle-Market Healthcare Sector,” 17th Investment and M&A Opportunities in Healthcare, (March 18-19, 2019)
  • Moderator, “Healthcare Private Equity,” YJP CEO Healthcare Symposium, (February 11, 2019)
  • Panelist, “Private Equity Trends and Crucial Changes in 2019,” The Texas Private Equity Summit (October 25, 2018)
  • Author, “Telemedicine Investors Roundtable Focuses on Progress, Barriers, and ROI,” Foley & Lardner LLP Health Care Law Today (August 24, 2018)
  • Speaker, “Telemedicine and digital health advances” Foley & Lardner LLP and Ziegler (July 31, 2018)
  • “CMS Recoupment Efforts Stopped by Court While Overpayment Appeals Are Pending,” Foley & Lardner LLP Health Care Law Today (July 19, 2018)
  • Co-author, “Digital Health Opportunities and Considerations For PE,” Law360 (July 18, 2018)
  • Co-author, “Telemedicine and Digital Health: Strategic Opportunities and Legal Considerations for Private Equity Investment,” LexisNexis (June 19, 2018)
  • Author, “Six Key Investment and Strategic Themes from Payer-Provider Convergence Deals,” Health Care Law Today (June 12, 2018)
  • Panelist, "Payer/Provider Convergence," iiBIG 11th Annual Investment and M&A Opportunities in Healthcare, Nashville, TN (June 5-6, 2018)
  • Co-author, “Six Key Takeaways for Providers on Value-Based Medicare Payment: BPCI-Advanced,” Bloomberg Law (May 10, 2018)
  • Co-author, “6 Key Takeaways for Providers on BPCI-Advanced (Value-Based Medicare Payment),” Health Care Law Today (March 20, 2018)
  • Presenter, “A Review of BPCI Advanced: The Next Generation of Bundled Payments from CMS,” Foley & Lardner LLP BPCI Advanced Web Conference Series (February 26, 2018)
  • Moderator, “Exploring the Digital Health Evolution,” Foley & Lardner’s Health Care Investors Summit (December 7, 2017)
  • Quoted, “HC Group, Almost Family Merger Highlights Growth of Post-Acute Market,” Modern Healthcare (November 17, 2017)
  • Co-author, “Mandatory Cardiac Episode Payment Program: CMS Proposes Cancellation,” Health Care Law Today (August 28, 2017)
  • Co-author, “Alternative Payment Models Pose Big Opportunity,” CFO (May 25, 2017)
  • Presenter, Health Care Transactions Program, American Health Lawyers Association (April 26 - 28, 2017)
  • Moderator, “New Ways to Deliver Care in the Home,” YJP CEO Healthcare Symposium (February 16, 2017)
  • Quoted, “Health Care Policy To Watch In 2017,” Law360 (January 2, 2017)
  • Mandatory CJR Program Offers Opportunities,” McKnight’s Long Term Care News (December 12, 2016)
  • Panelist, “Disruptive New Payment Models & Impact on Investments,” Health Care Investors Summit (December 8, 2016)
  • “5 Steps to Implement CMS’ Comprehensive Care for Joint Replacement Model,” Becker’s Spine Review (November 3, 2016)
  • "Navigating Unchartered Territory - The Top 10 Most Important Things (Legal Considerations) To Think About Before You Launch in the U.S.," UNPACK The Digital Health Opportunity In Boston! (October 31, 2016)
  • “Doing Business in the U.S. as a Medical Technology Company,” Alberta MedTech Mission to Boston sponsored by the Consulate General of Canada (October 27, 2016)
  • “AHCA Sues to Enjoin Prohibition on Binding Arbitration,” Foley & Lardner LLP Health Care Law Today (October 20, 2016)
  • “Getting Ready for CJR – The Time is Now,” Foley & Lardner LLP Health Care Law Today (September 9, 2016)
  • Quoted, “What the new mandatory bundled payments for cardiac care could mean for the industry,” Healthcare DIVE (August 3, 2016)
  • “CMS Expands Mandatory Bundled Payments to Cardiac Care,” Foley & Lardner LLP Health Care Law Today (August 1, 2016)
  • “Health Care IT Program Discusses Alternative Payment Model Opportunities,” Foley & Lardner LLP Health Care Law Today (June 22, 2016)
  • Moderator, “How to Prosper in the New Alternative Payment Paradigm,” Foley & Lardner LLP Health Care IT Business Over Breakfast Series (June 21, 2016)
  • Presenter, “How to Make CJR a Success — Implementing a Winning Strategy,” Foley & Lardner LLP Bundled Payment Best Practices Web Conference Series (June 16, 2016)
  • Speaker, China Merchant Bank Roundtable, New York, NY (May 13, 2016)
  • Expansion of Clinical Services at Assisted Living Sites – The New Paradigm,” Foley & Lardner LLP Health Care Law Today (May 2, 2016)
  • Presenter, “How to Make CJR a Success—Negotiating Gainsharing Agreements,” Foley & Lardner LLP Bundled Payment Best Practices Web Conference Series (April 29, 2016)
  • At The Intersection of New Bundled Payment Programs and New Discharge Rules: Private Equity Opportunities,” Foley & Lardner LLP Health Care Law Today (March 24, 2016)
  • Presenter, “How to Prepare for the Comprehensive Care for Joint Replacement Model,” Foley & Lardner LLP Bundled Payment Best Practices Web Conference Series (March 11, 2016)
  • “Comprehensive Joint Replacement Bundled Payment Program Begins April 1st,” Health Care Law Today (March 7, 2016)
  • Panelist, “Private Equity Perspectives,” Health Care Investors Summit – Exploring the Impact and Opportunities from Health Care Convergence, Boston, MA (September 24, 2015)
  • “Overview of U.S. Healthcare Merger & Acquisition Process: Diligence to Execution,” Association of Corporate Counsel (ACC) Webcast (September 10, 2015)
  • “Potential Changes to Long-Term Care Licensure in Massachusetts,” Foley & Lardner LLP Health Care Law Today (September 3, 2015)
  • “Health Care Rep and Warranty Insurance: New Solutions for Private Equity Buyers and Sellers,” Foley & Lardner LLP Health Care Law Today (July 15, 2015)
  • “Healthcare M&A From Process to Diligence to Execution: Deal Traps for the Unwary,” Lawline Webcast (June 8, 2015)
  • “Repositioning of Nursing Homes to Alternative Models of Care,” Foley & Lardner LLP Health Care Law Today (March 31, 2015)
  • “CMS Invites Comment on Availability of Waivers for ACOs That Particularly Affect Post-Acute Care,” Foley & Lardner LLP Health Care Law Today (December 9, 2014)
  • “Post-Acute Care: The Hottest Area in Health Care,” Foley & Lardner LLP Health Care Law Today (March 24, 2014)
  • Quoted, “PE Buyers Get Some Competition for Urgent Care Deals,” The Deal (March 19, 2014)
  • “The New Era of Health Care Joint Ventures: Implications for Private Equity Investment,” The Deal (January 3, 2014)
  • “New Models for Post-Acute Partnerships: Hospitals and Home Care Management Providers Can Form Affiliations to Improve Care at Discharge and During Recovery,” H&HN Daily (September 26, 2013)
  • Moderator, “The Supply Side of Health Care IT,” FOLEYTech Conference, Boston, MA (November 5, 2013)
  • Panelist, “Health Care M&A: Perspectives of Private Equity Investors,” Access to Capital: Health Care M&A Trends and Implications Conference, Chicago, IL (September 17, 2013)
  • Panelist, “Health Care M&A: Perspectives of Private Equity Investors,” Access to Capital: Health Care M&A Trends and Implications Conference, Boston, MA (September 10, 2013)
  • “RIDEA: Financing the Future of Senior Housing,” Senior Housing Summit 2013, Chicago, IL (July 25, 2013)
  • “The Makings of a Great Deal,” Canadian Seniors Housing Symposium, Toronto (June 5, 2013)
  • "Maximize Opportunities / Post-Acute Partnership Strategies for New Payment Reforms," Avalere Health Expert Webinar Series (April 24, 2013)
  • "Isolating Liabilities in Heath Care Transactions: Is It A Myth Or Just Fiction?," Sponsor Spotlight, Association for Corporate Growth Newsletter (April 2013)
  • Moderated Healthcare Investment Panel Discussion at ACG Boston Healthcare Conference, part of the Thompson Reuters Buyouts East 2013 Conference, Boston, MA (April 2013)
  • "Two Sides of the Coin —A Comparison of US and Canadian Transaction Considerations," Canadian Seniors Housing Symposium, Toronto, Canada (June 2012)
  • "Finding Jurisdiction Over Foreign Defendants — Online," Law360 (May 2012)
  • "Negotiating Medical Product Outsourcing Agreements: Pitfalls and Strategies," AdvaMed 2011 — The Med Tech Conference, Washington, D.C. (September 2011)
  • "BD/Finance: BioPharmaceutical Business in China — Navigating the New Silk Road," sponsored by MassBio, Cambridge, MA (March 2011)
  • "Pitfalls and Opportunities of Negotiating Medical Device and Pharmaceutical Outsourcing Agreements,” Medical Product Outsourcing Symposium, Waltham, MA (November 2010)
  • "U.S. Healthcare Reform and Its Impact on European Business Strategies and Opportunities,” Berlin, Germany (June 2010)
  • "U.S. Healthcare Reform and Its Impact on European Business Strategies and Opportunities," sponsored by the American Chamber of Commerce, Munich, Germany (June 2010)

Other Activities

Chris has been a cyclist as well as a fundraiser for the Pan Massachusetts Challenge for several years. The PMC is an annual charity bikeathon that has raised millions of dollars for cancer research and is the largest single donor to the Dana Farber Cancer Hospital in Boston. He also played four years of Division I soccer for Georgetown University.

Representative Matters

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Foley & Lardner LLP successfully represented Revera Inc., a leading provider of seniors' accommodation, in a new co-investment with Health Care Reit in the ownership of the Sunrise Senior Living management company. Sunrise Senior Living is a Virginia-based company that currently operates 290 communities in the United States, Canada and the United Kingdom offering a full range of personalized senior living services. Upon completion of the transaction, Revera will own a 76% interest in Sunrise and Health Care Reit will own the remainder. Health Care Reit and Revera are obtaining their interests in Sunrise from affiliates of Kohlberg Kravis Roberts & Co. L.P., Beecken Petty O'Keefe & Company and Coastwood Senior Housing Partners LLC. The transaction is projected to close in the second quarter of 2014, subject to regulatory approvals. Earlier last year, Foley represented Revera in a $1.35 billion joint venture with Health Care REIT which shares ownership of 47 retirement homes in Canada. Foley attorney Chris Donovan successfully represented Revera as lead counsel on the agreement.
Foley was lead counsel to Revera Health Systems in its acquisition and recapitalization of Sunrise Senior Living, the leading operator of assisted living facilities in the US with operation in Canada and the UK as well. The transaction entailed a 3 part merger, leveraged acquisition and joint venture with Health Care REIT (NYSE) involving sellers KKR, Beecken Petty and O'Keefe, Health Care REIT as minority investor and Key Bank as senior lender. Revera is the leading operator of senior living facilities in Canada and is owned by the Public Sector Pension Investment Board of Canada, a Canadian Crown Corporation.
Served as seller's counsel in $1.3 billion asset sale and joint venture