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BILLERICA, Mass. - Quanterix Corporation (NASDAQ: QTRX), a leader in ultra-sensitive biomarker detection, and Akoya Biosciences (NASDAQ: AKYA), known as The Spatial Biology Company®, today announced revised terms for their previously planned merger. The updated agreement will see Quanterix issue approximately 7.76 million shares and pay $20 million in cash to Akoya shareholders, altering the initial deal structure. According to InvestingPro data, Akoya currently maintains a healthy liquidity position with a current ratio of 2.61, though the company generated negative EBITDA of $33.5 million in the last twelve months.
Under the new terms, Akoya shareholders will receive $0.38 per share in cash and 0.1461 shares of Quanterix common stock. This change results in Quanterix issuing over 9 million fewer shares than originally proposed. Post-merger, Quanterix shareholders will hold roughly 84% of the combined entity, with Akoya shareholders owning the remaining 16%. The deal comes as Akoya’s stock has experienced significant volatility, with InvestingPro showing a 66% decline over the past year and a market capitalization of $65.3 million. InvestingPro subscribers have access to 8 additional ProTips and comprehensive financial metrics for deeper analysis of this merger.
Masoud Toloue, PhD, CEO of Quanterix, stated that despite market concerns, the strategic benefits of the merger remain robust. Brian McKelligon, CEO of Akoya, echoed the sentiment, emphasizing the value for Akoya shareholders and the potential for accelerated profitability through the partnership.
The boards of both companies have approved the revised terms, and shareholders owning more than half of Akoya’s common stock have pledged to support the merger. Consequently, Quanterix has canceled its previously announced special shareholder meeting.
The transaction is anticipated to conclude in the second quarter of 2025, pending Akoya shareholder approval and other customary closing conditions. An updated investor presentation detailing the merger’s advantages has been filed with the Securities and Exchange Commission and is available on Quanterix’s website.
Goldman Sachs & Co. LLC and Perella Weinberg Partners LP are serving as financial advisors to Quanterix and Akoya, respectively. Legal counsel is provided by Covington & Burling LLP and Sidley Austin LLP for Quanterix, and DLA Piper LLP for Akoya.
Quanterix is recognized for its Simoa® technology, which allows for the detection of biomarkers at levels previously undetectable, facilitating advances in multiple disease areas. Akoya’s spatial phenotyping technology provides insights into cell phenotypes and interactions, aiding disease understanding and treatment responses.
This news is based on a press release statement and contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from expectations.
In other recent news, Akoya Biosciences announced the launch of a new assay designed to enhance the development of antibody-drug conjugates for breast cancer treatment. This assay aims to improve patient selection by quantifying target expression with subcellular localization. Meanwhile, the proposed merger between Akoya Biosciences and Quanterix is facing opposition from Tikvah Management LLC, a significant Quanterix shareholder, citing concerns about the merger’s impact on shareholder value. The merger process has progressed with the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period, a key regulatory milestone.
Analyst firm Canaccord Genuity maintained its Hold rating on Akoya Biosciences, noting financial improvements in the company’s fourth-quarter results, despite challenges in instrument revenue. However, Piper Sandler downgraded Akoya’s stock rating to Neutral, reflecting the proposed acquisition value and ongoing merger developments. The acquisition is expected to be completed in the second quarter of 2025, with both companies having filed the necessary regulatory documents. Akoya continues to operate from its headquarters in Marlborough, Massachusetts, as the merger moves forward.
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