Patient Square Capital To Acquire NanoString Technologies

Binding Agreement to Acquire Substantially All NanoString Assets for $220 Million Pending Bankruptcy Court Approval

Agreement Represents Major Step in Financial Restructuring and Provides Continuity for Customers and Employees

SEATTLE–(BUSINESS WIRE)–NanoString Technologies, a leading provider of life science tools for discovery and translational research, today announced that it has reached an agreement with Patient Square Capital, 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 market-leading 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. The asset purchase agreement and all relevant court documents for NanoString’s Chapter 11 case are available at

Additional Information About the Court-Supervised Restructuring Process

Additional information regarding the Company’s court-supervised process, including court filings and other information, is available on a separate website administrated by the Company’s claims agent, Kroll, at

The Company is represented by Willkie Farr & Gallagher LLP as counsel, AlixPartners LLP as restructuring advisor and Perella Weinberg Partners L.P. as restructuring investment banker. Patient Square is represented by Kirkland & Ellis LLP as counsel and Greenhill & Co as investment banker.

About Patient Square Capital

Patient Square Capital (“Patient Square”) is a dedicated health care investment firm with approximately $8 billion of assets under management as of December 31, 2023. The firm partners with best-in-class management teams whose products, services and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships and a partnership approach to make investments in companies grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world. For more information, visit

About NanoString

NanoString Technologies, a leader in spatial biology, offers an ecosystem of innovative discovery and translational research solutions, empowering our customers to map the universe of biology. The GeoMx® Digital Spatial Profiler is a flexible and consistent solution combining the power of whole tissue imaging with gene expression and protein data for spatial whole transcriptomics and proteomics. The CosMx™ Spatial Molecular Imager is a single-cell imaging platform powered by spatial multiomics enabling researchers to map single cells in their native environments to extract deep biological insights and novel discoveries from one experiment. The AtoMx™ Spatial Informatics Platform is a cloud-based informatics solution with advanced analytics and global collaboration capabilities, enabling powerful spatial biology insights anytime, anywhere. At the foundation of our research tools is our nCounter® Analysis System, which offers a secure way to easily profile the expression of hundreds of genes, proteins, miRNAs, or copy number variations, simultaneously with high sensitivity and precision. For more information, visit