Willkie is advising 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 Patient Square Capital.

On March 10, NanoString announced that it entered into a stalking horse asset purchase agreement with Patient Square Capital to acquire substantially all of its assets for a cash payment of $220 million.

NanoString initiated the Chapter 11 restructuring proceeding on February 4 with support from key creditors. 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 sale of assets to Patient Square is led by partners Thomas Mark and Tyler Born.