NanoString receives court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., April 1 – NanoString Technologies, Inc.’s motion for approval of bid procedures for its assets was approved by the U.S. Bankruptcy Court for the District of Delaware, according to an order.

The company received approval of a $220 million stalking horse agreement with Nucleus Buyer, LLC, an affiliate of health care investment firm Patient Square Capital, for substantially all of its assets. The purchase price would also include the assumption of liabilities.

The stalking horse agreement provides for an expense reimbursement of 1.5% and a breakup fee of 3%.

The bid deadline is 4 p.m. ET on April 12, an auction is scheduled for April 16, and a sale hearing is set for April 19.

NanoString Technologies is a Seattle-based biotech company specializing in cancer diagnostic tools. The company filed bankruptcy on Feb. 4 under Chapter 11 case number 24-10160.

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