Patient Square Capital, a health care-focused investment firm, agrees to acquire NanoString Technologies

NanoString Technologies, (OTC: NSTGQ) (“NanoString” or the “Company”), a provider of life science tools for discovery and translational research, announced that it has reached an agreement with Patient Square Capital (“Patient Square”), a prominent health care investment firm, pursuant to which Patient Square will serve as the “stalking horse” bidder in conjunction with a court-supervised sales process.

Under the terms of the agreement, Patient Square intends to purchase substantially all assets of the Company’s global business operations as a going concern for $220 million. The agreement is part of a sale process under Section 363 of the Bankruptcy Code that will be subject to compliance with agreed upon and Bankruptcy Court-approved bidding procedures allowing for the submission of higher or otherwise better offers. In addition, the transaction is subject to Bankruptcy Court approval and customary closing conditions, including the expiration of the 15-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

“This agreement with Patient Square provides continuity for our scientific customers and employees, and represents an important step in our financial restructuring,” said Brad Gray, President & CEO of NanoString. “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 product roadmap.”

A court hearing to approve the stalking horse bid and bidding procedures will take place on March 28, 2024 (subject to the bankruptcy court’s availability). The Company is requesting that the deadline for competing offers be set for 5 PM ET on April 12, 2024, and that a hearing to approve the sale take place on April 22, 2024.