NanoString Technologies, Inc. (OTC: NSTGQ), a trailblazer in life science tools for discovery and translational research, announced today a significant development in its financial restructuring journey. The company disclosed a binding agreement with Patient Square Capital, a leading investment firm focused on the healthcare sector. Under the agreement, Patient Square will act as the stalking horse bidder in a court-overseen sale process, with a proposal to acquire nearly all assets of NanoString's global operations for $220 million.

The transaction, rooted in Section 363 of the Bankruptcy Code, hinges on adherence to agreed-upon bidding procedures approved by the Bankruptcy Court, which open the door for potentially higher or more favorable offers. Moreover, the deal awaits green light from the Bankruptcy Court alongside customary closing prerequisites, such as the conclusion of a 15-day waiting period mandated by the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

NanoString's President & CEO, Brad Gray, remarked, "This agreement with Patient Square ensures our scientific community and workforce remain supported, marking a critical stride in our financial restructuring efforts." He further expressed confidence in Patient Square's commitment to NanoString’s vision to 'Map the Universe of Biology', backed by a readiness to nurture the company’s market-leading product pipeline.

A court session to endorse the stalking horse bid and auction protocols is scheduled for March 28, 2024, pending the bankruptcy court's availability. The company has proposed an April 12, 2024 deadline for competing offers, with a court hearing to finalize the sale set for April 22, 2024.