NanoString’s GeoMX Digital Spatial Profiler was at the center of a patent lawsuit filed by 10x Genomics. In response to this legal battle and financial challenges, NanoString announced that it would be acquired by Bruker, a Massachusetts-based life sciences research and diagnostic company. The acquisition, totaling $392.6 million, will mark the end of NanoString’s restructuring process, which included a Chapter 11 bankruptcy plan. The deal is expected to be finalized next month, signaling a new chapter for NanoString under Bruker’s ownership.
The decision to file for Chapter 11 bankruptcy and seek a potential sale came after NanoString lost a patent infringement case against 10X Genomics. In November, a jury awarded damages of over $31 million to 10X Genomics, which accused NanoString of infringing on seven patents related to NanoString’s GeoMx Digital Spatial Profiler. As a result of these legal setbacks and financial pressure, NanoString underwent several rounds of layoffs, including a 9% cut announced in January affecting 50 positions. This period of turmoil reflected the challenges faced by NanoString as it navigated through the aftermath of the patent lawsuit.
Despite facing difficulties, NanoString had experienced success in the past, with its shares trading at record highs above $80/share in 2021. However, the stock price steadily declined over the following years, prompting Nasdaq to issue a notice about the company’s shares falling below the $1/share minimum requirement for an extended period. The financial struggles and legal battles ultimately led NanoString to explore strategic alternatives, culminating in the decision to be acquired by Bruker in a deal that significantly increased the value compared to previous offers during the bankruptcy process.
Founded in 2003 and going public in 2013, NanoString originated from the Institute for Systems Biology and established itself as a leader in spatial biology and gene expression platforms. CEO Brad Gray emphasized the importance of NanoString’s technologies in providing insights into critical disease areas such as cancer, immunology, and neurology. With the acquisition by Bruker, NanoString’s innovations in spatial biology and gene expression analysis will continue to be accessible to researchers worldwide. The acquisition by Bruker represents a new chapter for NanoString as it transitions under the ownership of a global leader in the life science analytical instrument industry, ensuring the continuity of NanoString’s technological advancements and contributions to scientific research.
