Bruker to acquire NanoString for $392.6M

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NanoString announced that it has reached an agreement with Bruker in which Bruker will purchase substantially all of NanoString's assets for approximately $392.6 million in cash, as well as assume certain NanoString liabilities.

Following the closing of the transaction, NanoString's operations will no longer be subject to Chapter 11 bankruptcy proceedings and the firm will be owned by Bruker, according to a statement from NanoString.

The transaction is expected to be completed in early May and is subject to U.S. Bankruptcy Court approval and other customary closing conditions.

For the transaction, NanoString is represented by Willkie Farr & Gallagher LLP as its counsel, AlixPartners LLP as its restructuring adviser, and Perella Weinberg Partners LP as its restructuring investment banker. Bruker is represented by Morgan Lewis as its counsel and Goldman Sachs as its financial adviser.

In early March, NanoString reached an agreement with Patient Square Capital in which NanoString would sell its assets to the investment firm for $220 million, pending the bankruptcy court's approval. However, the agreement was part of a sale process under Section 363 of the U.S. Bankruptcy Code and therefore subject to U.S. Bankruptcy Court-approved bidding procedures allowing for the submission of other offers, with Patient Square serving as the "stalking horse" bidder.

On April 12, Bruker submitted a qualifying bid. Following an auction on April 16, a revised offer from Bruker with an approximately 78% increase in value relative to the "stalking horse" bid was selected as the winning bid.

The acquisition by Bruker will ensure the continuity of NanoString's business operations and product development initiatives for customers and substantially all of its employees, the firm said.

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