NanoString Technologies' woes of bankruptcy are over, as the Bruker Corporation looks set to acquire the company for $392.6m in cash along with the assumption of certain liabilities.

Following the news of the acquisition, NanoString’s stock was up by over 123% in trading today (19 April), compared to the market close on 17 April. Even with the positive swing, the stock has not recovered in value to what it was worth before 10x Genomics filed the patent infringement lawsuits.

The US-based company’s troubles started when it lost a patent infringement lawsuit against 10x Genomics, with NanoString ordered to pay over $31m in damages. The ruling was the third consecutive instance it was found to infringe one of 10x patents.

10x Genomics added that the company plans to seek even more damages, royalties and reimbursement for its court fees while also pursuing an injunction that would stop NanoString from selling its GeoMX products.

Following the $31m ruling, NanoString underwent restructuring and started Chapter 11 proceedings in February. The company stated that the bankruptcy proceedings were expected to “provide us with the necessary breathing room to continue to serve our customers while we address our litigation and the related financial challenges.”

NanoString previously received a “stalking horse” bid of $220m from Patient Square Capital, a healthcare investment firm, in March. Bruker submitted a qualifying offer on 12 April, followed by a revised and winning bid of $392.6m on 16 April.

Bruker’s acquisition deal is still subject to bankruptcy court approval and other conditions and is expected to close in May. Following the closing of the deal, NanoString will be part of Bruker and no longer subject to Chapter 11 proceedings.

The medtech sector has seen multiple patient infringement lawsuits in recent months. In November 2023, DexCom won a patent infringement lawsuit against Abbott over the continuous glucose monitor (CGM) devices. During the same month, US patent courts stripped Swift Medical its patent for a wound imaging device after it was challenged by Moleculight.

In October 2023, Apple was forced to stop the import of its devices after Masimo alleged that Apple had infringed on their US patents for light-based technology to measure blood oxygen saturation.