NanoString, a Seattle-based biotech company known for its GeoMx Digital Spatial Profiler, recently announced that it will be acquired by Bruker, a Massachusetts-based life sciences research and diagnostic company. The acquisition marks the end of NanoString’s restructuring process, which included a Chapter 11 bankruptcy plan initiated in February following a patent infringement case loss against 10X Genomics. NanoString will be bought by Bruker for $392.6 million, with the deal expected to close next month.
Initially, NanoString had received a bid from a “stalking horse” bidder as part of the bankruptcy process in March. However, Bruker submitted a bid last week that represented a 78% increase in value compared to the previous offer, ultimately leading to the acquisition. The patent lawsuit filed by 10X Genomics accused NanoString of infringing on seven patents related to its GeoMx Digital Spatial Profiler, resulting in a jury awarding more than $31 million in damages to 10X Genomics in November.
Following the lawsuit, NanoString faced multiple rounds of layoffs, including a 9% cut announced in January that impacted 50 positions. The company’s shares traded at record highs in 2021, exceeding $80/share, but gradually declined over the next two years. In January, NanoString received a notice from Nasdaq about its stock price falling below the $1/share minimum requirement for 30 consecutive business days. Despite these challenges, NanoString has been recognized for its market-leading platforms in spatial biology and gene expression, providing valuable insights into cancer, immunology, neurology, and other disease areas.
Established in 2003, NanoString was originally a spin-off from the Institute for Systems Biology before going public in 2013. In October, the company announced a previous round of layoffs, cutting around 110 positions. NanoString CEO Brad Gray highlighted the importance of the company’s platforms in enabling researchers to make unprecedented discoveries in various disease areas. Gray expressed confidence in Bruker’s position as a global leader in the life science analytical instrument industry, ensuring continued access to NanoString’s innovative technologies for customers.
The acquisition by Bruker represents a significant step forward for NanoString, providing financial stability and opportunities for growth under a new corporate umbrella. The deal is expected to strengthen NanoString’s position in the life sciences research and diagnostic market, leveraging Bruker’s resources and expertise. As the companies move towards closing the acquisition, stakeholders are optimistic about the potential synergies between NanoString’s cutting-edge technologies and Bruker’s established presence in the industry. Overall, the acquisition marks a new chapter for NanoString as it navigates through the challenges of the patent lawsuit and bankruptcy process towards a brighter future with Bruker.
