April 24, 2024

NanoString Technologies

Bruker Corp. announced that it has entered into a definitive acquisition agreement with NanoString Technologies, headquartered in Seattle. Under the asset purchase agreement, Bruker expects to acquire substantially all of the assets and rights associated with NanoString's business product lines for approximately $392.6 million in cash, and the assumption of certain liabilities. In 2023, NanoString generated revenues of approximately $168 million. On April 19, 2024, the transaction was approved under a court-supervised Chapter 11 sale process pursuant to the U.S. Bankruptcy Code, and it is expected to close in the second quarter of 2024, subject to customary closing conditions. NanoString is a provider of life science tools for discovery and translational research for spatial transcriptomics and gene expression analysis. Bruker expects to fund the acquisition with cash on hand and established debt instruments. Following the closing, the NanoString business will become part of the Bruker Spatial Biology business. By 2026, Bruker expects the NanoString business to have rebounded and to be near break-even with resumed revenue growth and margin improvements, also taking advantage of deal synergies, as Bruker is not acquiring NanoString's public company overhead in this asset deal. Morgan, Lewis & Bockius and Goldman Sachs & Co. are serving as legal and financial / strategic advisors, respectively, to Bruker. NanoString is represented by Willkie Farr & Gallagher as counsel, AlixPartners as restructuring advisor and Perella Weinberg Partners as restructuring investment banker.