Quanterix completes acquisition of Akoya Biosciences

BILLERICA, Mass. - Quanterix Corporation (NASDAQ:QTRX) announced Tuesday it has completed its previously announced acquisition of Akoya Biosciences, Inc., creating what the company describes as a scaled leader in early disease detection for neurology, oncology and immunology markets. According to InvestingPro data, Quanterix currently trades at a low revenue multiple, suggesting potential value opportunity in this expanding business.

Under the terms of the amended merger agreement announced on April 29, Quanterix issued approximately 7.8 million shares of its common stock and paid approximately $20 million in cash to Akoya shareholders and equity award holders.

The transaction expands Quanterix’s served addressable market from $1 billion to $5 billion, according to a company press release. The combined entity had approximately $163 million in cash at closing, after repayment of Akoya’s debt and transaction-related costs.

"The acquisition of Akoya positions us to deliver comprehensive protein biomarker solutions that leverage signatures in blood and tissue," said Masoud Toloue, Chief Executive Officer of Quanterix, who will continue to lead the combined company alongside Chief Financial Officer Vandana Sriram.

As part of the merger agreement, two Akoya directors, Scott Mendel and Myla Lai-Goldman, have joined Quanterix’s Board of Directors. They replace Martin D. Madaus and Sarah Hlavinka, who resigned prior to the transaction closing.

Mendel brings over 30 years of financial and operational experience, having previously served as CEO and President of GenMark Diagnostics. Lai-Goldman has held leadership roles at Labcorp and Roche Biomedical Laboratories.

Quanterix’s technology focuses on ultrasensitive biomarker detection that enables earlier detection of disease markers in blood, serum or plasma. The company states it expects the combined business to achieve profitability by 2026.

In other recent news, Quanterix Corporation reported its Q1 2025 earnings, revealing a revenue of $30.3 million, which fell short of analyst expectations. The company posted an earnings per share (EPS) of -$0.53, missing the forecast of -$0.43. Quanterix also announced that its HD-X Simoa Immunoassay Analyzer has received Class 1 Medical Device registration from South Korea’s Ministry of Food and Drug Safety. Canaccord Genuity maintained its Buy rating for Quanterix, setting a price target of $12.00, despite acknowledging continued academic and biopharma funding challenges.

The company has appointed KPMG LLP as its new independent registered public accounting firm, following the dismissal of Ernst & Young LLP due to identified material weaknesses in financial reporting. Quanterix is also in the process of merging with Akoya, with the acquisition expected to close by mid-third quarter 2025. This merger is anticipated to drive stronger performance and higher valuation levels over time. Furthermore, Quanterix aims to submit data for its Alzheimer’s diagnostic test, LucentAD Complete, to the FDA by the end of 2025.

Despite these challenges, Quanterix remains focused on expanding its product offerings and maintaining its leadership in ultra-sensitive protein detection, particularly in Alzheimer’s diagnostics. The company is targeting positive cash flow by 2026, with expectations of maintaining a cash balance exceeding $100 million by year-end 2026.

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