Quanterix to acquire Akoya in all-stock deal

BILLERICA, Mass. - Quanterix (NASDAQ:QTRX) Corporation (NASDAQ: QTRX), a leader in ultra-sensitive biomarker detection, announced the acquisition of Akoya Biosciences (NASDAQ: AKYA), The Spatial Biology Company®, in an all-stock transaction. This merger is set to create the first integrated solution for detecting protein biomarkers in both blood and tissue, aiming to enhance disease diagnostics and patient outcomes. According to InvestingPro data, Akoya enters this merger with a market capitalization of $131.8 million and a strong liquidity position, maintaining a current ratio of 2.75.For comprehensive analysis of both companies and access to over 10 additional ProTips, consider exploring InvestingPro's detailed research reports.

The definitive merger agreement was confirmed today, with Quanterix acquiring Akoya to combine their respective technological capabilities. Quanterix's SIMOA technology, known for ultra-sensitive blood biomarker detection, will be integrated with Akoya's spatial biology expertise, potentially transforming the landscape of disease progression tracking from tissue to blood.

The merger is anticipated to generate approximately $40 million in annual cost synergies by the end of 2026, with expectations of achieving a positive free cash flow in the same year. This milestone would mark a significant turnaround, as Akoya currently shows negative free cash flow of $48.7 million and an EBITDA of -$36.4 million. The combined company is projected to have a cash position of around $175 million at closing, without taking on additional debt, positioning it to pursue further growth initiatives.

Quanterix and Akoya's merger is strategically designed to expand technology offerings across high-growth markets such as neurology, oncology, and immunology, tapping into a $5 billion serviceable addressable market. Quanterix will benefit from Akoya's established clinical partnerships and CLIA-certified lab services, particularly in the oncology space.

Commercially, the merger is expected to maximize cross-selling opportunities due to the complementary nature of both companies' offerings and customer relationships. The combined install base of 2,300 instruments is forecasted to drive strong double-digit organic revenue growth in 2026.

Under the terms of the agreement, Akoya shareholders will receive 0.318 shares of Quanterix common stock for each share of Akoya common stock they own, representing a 19% premium based on Akoya's stock price as of November 14, 2024. Akoya's stock has shown strong momentum, with a 27.9% return over the past six months and a 9.5% gain in the past week. Post-merger, Quanterix shareholders will own approximately 70% of the combined entity, with Akoya shareholders owning the remaining 30%.Get deeper insights into merger implications and valuation metrics with InvestingPro's exclusive analysis tools and Fair Value assessments.

The transaction is slated for completion in the second quarter of 2025, pending approvals from shareholders of both companies, regulatory clearances, and customary closing conditions. Upon closing, the combined company will operate under the Quanterix name, with Masoud Toloue serving as CEO.

This merger is based on a press release statement, which indicates a strategic move by Quanterix to solidify its presence in the life science tools and diagnostics market, leveraging Akoya's spatial biology capabilities to potentially improve diagnostic accuracy and patient care.

In other recent news, Akoya Biosciences reported a 25% decline in third-quarter revenue due to lower capital equipment purchases. However, the company saw an 11% increase in reagent revenue and improved gross margins to 62.3%, indicating operational efficiencies. Analyst firms Piper Sandler and Canaccord Genuity adjusted their financial outlooks for Akoya Biosciences, reducing their price targets but maintaining positive ratings. The company also updated its indemnification agreements for non-employee directors and executive officers, adding protections and clarifying provisions. Akoya Biosciences expects full-year 2024 revenue to be between $80 million and $85 million, with a focus on application-driven selling to boost reagent revenue growth. These are the recent developments for Akoya Biosciences.

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