Akoya Biosciences reviews unsolicited acquisition proposal

Akoya Biosciences , Inc. (NASDAQ:AKYA), a laboratory analytical instruments company, announced on Monday that it has received an unsolicited acquisition proposal. A third party has offered to acquire all outstanding shares of Akoya for $1.40 per share in cash, representing a significant premium to the current trading price of $1.06. According to InvestingPro data, the stock has seen a notable 12% gain over the past week, though it remains well below its 52-week high of $3.42.

This proposal comes as Akoya is already in the midst of a merger agreement with Quanterix (NASDAQ:QTRX) Corporation, under which Akoya would become a wholly owned subsidiary of Quanterix. With a current market capitalization of approximately $53 million and an overall financial health score rated as ’FAIR’ by InvestingPro, Akoya’s Board of Directors is currently evaluating the new proposal and has stated that it could potentially lead to a "Superior Proposal" as defined in their existing agreement with Quanterix.

The Board is reviewing the unsolicited offer with its financial and legal advisors, considering its fiduciary duties to shareholders. At present, the Board continues to recommend the merger with Quanterix to Akoya’s stockholders. There is no certainty that the new proposal will result in a superior offer to the planned merger with Quanterix.

Investors and security holders are encouraged to read the registration statement, proxy statement/prospectus, and any other relevant documents filed with the SEC, as they contain important information about the merger. These documents are available free of charge from the SEC’s website or directly from Akoya and Quanterix.

The announcement of the unsolicited proposal does not constitute an offer to sell or the solicitation of an offer to buy any securities. No offer or sale of securities will occur without a prospectus that meets the requirements of Section 10 of the Securities Act.

Forward-looking statements in this report, such as the anticipated benefits of the merger and the impact on business results, are subject to risks and uncertainties. Factors that could cause actual results to differ include the possibility that the anticipated benefits and synergies of the merger are not realized or are delayed, the costs of the merger are higher than expected, and potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger. Financial metrics from InvestingPro highlight additional challenges, including significant debt burden and negative EBITDA of -$30 million in the last twelve months. InvestingPro subscribers have access to over 8 additional key insights and comprehensive financial analysis for AKYA and 1,400+ other stocks through detailed Pro Research Reports.

This news is based on a press release statement and contains forward-looking statements subject to risks and uncertainties. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

In other recent news, Quanterix Corporation and Akoya Biosciences have revised the terms of their planned merger. Quanterix will now issue approximately 7.76 million shares and pay $20 million in cash to Akoya shareholders, reducing the number of shares issued by over 9 million compared to the original agreement. This adjustment will result in Quanterix shareholders owning about 84% of the combined entity, with Akoya shareholders holding 16%. Meanwhile, Akoya Biosciences has launched a new assay to enhance the development of antibody-drug conjugates for breast cancer treatment, which aims to improve patient selection by quantifying target expression. The company also plans to present data from its PhenoCode™ Discovery (NASDAQ:WBD) IO60 panel at the upcoming American Association for Cancer Research meeting. In analyst updates, Canaccord Genuity maintained its Hold rating on Akoya, noting financial improvements despite revenue challenges, while Piper Sandler downgraded Akoya’s stock rating to Neutral, aligning with the proposed acquisition value by Quanterix. Tikvah Management LLC, a significant shareholder in Quanterix, announced its opposition to the merger, citing concerns over the deal’s benefits for Quanterix shareholders.

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