Raytheon awarded $71 million in Navy contracts for missile systems
Quanterix Corporation (NASDAQ:QTRX) has completed its acquisition of Akoya Biosciences , Inc. (NASDAQ:AKYA), a company with a market capitalization of $64.4 million and annual revenue of approximately $80 million, according to a statement released Tuesday based on a filing with the Securities and Exchange Commission. According to InvestingPro data, Akoya has been facing significant financial challenges, with negative EBITDA of $30 million and a concerning debt-to-capital ratio of 0.57. The transaction was finalized through a merger in which Wellfleet Merger Sub, Inc., a wholly owned subsidiary of Quanterix, merged with and into Akoya, with Akoya surviving as a wholly owned subsidiary of Quanterix.
Under the terms of the merger agreement, each outstanding share of Akoya common stock, except for certain excluded shares, was converted into the right to receive 0.1461 shares of Quanterix common stock and $0.38 in cash, subject to adjustment provisions to ensure that the aggregate cash paid does not exceed $20 million and that Quanterix does not issue more than 19.99% of its outstanding shares in connection with the transaction. The deal comes at a time when Akoya’s stock has experienced a significant decline, with InvestingPro analysis showing a 51.5% drop over the past six months.
In connection with the merger, Akoya repaid all outstanding obligations under its existing credit agreement and terminated both its 2021 Employee Stock Purchase Plan and its Equity Distribution Agreement with Piper Sandler & Co.
Akoya requested that the Nasdaq Stock Market LLC suspend trading of its common stock prior to the opening of trading on Tuesday and initiate the process to delist its shares from the Nasdaq Global Select Market. Akoya also intends to file to terminate the registration of its common stock under the Securities Exchange Act and suspend its reporting obligations.
As a result of the merger, a change in control of Akoya occurred, and the company’s board of directors and executive officers were replaced. Masoud Toloue became the sole director and was appointed president, with Vandana Sriram as treasurer, Laurie Churchill as secretary, and Brian Keane as assistant secretary.
Additionally, Akoya’s certificate of incorporation and bylaws were amended and restated as part of the transaction.
This information is based on a press release statement and the company’s SEC filing.
In other recent news, Akoya Biosciences announced it has received an unsolicited acquisition proposal offering $1.40 per share in cash. This comes amid its ongoing merger agreement with Quanterix Corporation, which has been revised to include approximately 7.76 million shares and a $20 million cash payment to Akoya shareholders. Under the revised terms, Akoya shareholders would receive $0.38 per share in cash and 0.1461 shares of Quanterix common stock. The boards of both companies have approved these revised terms, and shareholders holding more than half of Akoya’s common stock have pledged support for the merger. Additionally, Akoya Biosciences has introduced a new assay aimed at improving the development of antibody-drug conjugates for breast cancer treatment, featuring a multiplex immunofluorescence panel. The panel is designed to provide precise patient selection by quantifying ADC target expression with subcellular localization. Akoya will also showcase its PhenoCode™ Discovery (NASDAQ:WBD) IO60 panel at the AACR 2025 Annual Meeting, highlighting its potential in advancing translational research. These developments reflect ongoing strategic moves and product innovations by Akoya Biosciences.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.