NanoString Technologies (a leading provider of life science tools for discovery and translational research) announced that it had reached an agreement with healthcare investment firm Patient Square Capital. In this agreement, Patient Square will serve as the stalking horse bidder in conjunction with a court-supervised sales process.
As part of the deal, Patient Square plans to buy substantially all assets of the company’s global business operations as a going concern for $220 million. The deal is part of a sale process under Section 363 of the Bankruptcy Code, subject to compliance and approved bidding procedures.
NanoString is represented by Willkie Farr & Gallagher LLP as counsel, AlixPartners LLP as restructuring advisor, and Perella Weinberg Partners L.P. as a restructuring investment banker. And Patient Square is represented by Kirkland & Ellis LLP as counsel and Greenhill & Co. as investment banker.
A court hearing for approving the stalking horse bid and bidding procedures is expected on March 28, 2024.
KEY QUOTES:
“This agreement with Patient Square provides continuity for our scientific customers and employees, and represents an important step in our financial restructuring. We believe that Patient Square is committed to continuing NanoString’s mission to Map the Universe of Biology and is prepared to invest in our market-leading product roadmap.”
– Brad Gray, President & CEO of NanoString
