Willkie advised NanoString Technologies, Inc., a publicly traded company and leading provider of life science tools for discovery and translational research, in connection with its Chapter 11 bankruptcy filing and related sale of its assets to Bruker Corporation, a global life science analytical instrument company, for approximately $392.6 million.

On April 17, NanoString announced that Bruker Corporation was selected as the winning bidder in a court-supervised competitive auction process and will acquire substantially all of NanoString’s assets for a cash payment of approximately $392.6 million. The transaction was approved by the bankruptcy court on April 19. NanoString initially entered a stalking horse asset purchase agreement with Patient Square Capital for $220 million, which has now been terminated.

NanoString initiated the Chapter 11 restructuring proceeding with support from key creditors on February 4 in the U.S. Bankruptcy Court for the District of Delaware. The company filed for bankruptcy protection following an unfavorable outcome in a patent infringement lawsuit brought by a competitor. The Willkie bankruptcy team is led by partners Rachel Strickland and Debra Sinclair and the corporate team advising on the asset sale is led by partners Thomas Mark and Tyler Born.