On March 3, 2025 Quanterix Corporation (NASDAQ: QTRX) ("Quanterix" or the "Company"), a company fueling scientific discovery through ultra-sensitive biomarker detection, reported the strategic and financial benefits of its proposed acquisition of Akoya Biosciences, which will create the first integrated solution for ultra-sensitive detection of blood- and tissue-based protein biomarkers (Press release, Quanterix, MAR 3, 2025, View Source [SID1234650838]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Quanterix’s proposed acquisition of Akoya is the result of a rigorous and thorough Board evaluation consistent with its commitment to position the Company for long-term growth. With enhanced scale and a strengthened financial foundation, Quanterix will accelerate the execution of its strategic plan and deliver significant value to shareholders:
•Expanded Addressable Market. The addition of Akoya’s cutting-edge spatial biology capabilities will unlock a high-growth $5 billion serviceable addressable market across neurology, immunology and oncology, with an additional $10 billion market opportunity in Alzheimer’s Disease diagnostics. By combining Quanterix’s leading position in ultrasensitive detection of proteins in blood and Akoya’s leading position in biomarker detection in tissue, Quanterix will be uniquely positioned to speed up development of new liquid biopsy tests, a market which it believes will surpass that of all other diagnostic tests combined.
•Synergy Generation: With extensive diligence and deep familiarity with Akoya’s platform, Quanterix has clear line of sight to capture approximately $40 million in annual run-rate cost synergies by the end of 2026, $20 million of which is expected to be realized within the first year following close.
•Enhanced Scale and Profitability: With expected positive free cash flow in 2026 and continued strong double-digit organic revenue growth, Quanterix expects the transaction will allow it to multiply its revenue to approximately $1 billion with EBIT margins of approximately 15% within five years following close.
Kent Lake Nominations
Quanterix confirmed that Kent Lake PR LLC ("Kent Lake") has submitted notice nominating three candidates to stand for election to the Quanterix Board of Directors at the Company’s 2025 Annual Meeting of Shareholders.
The Company welcomes engagement with its shareholders and has attempted to engage constructively with Kent Lake and will continue to do so. Kent Lake’s recent statements, however, contain significantly flawed financial assumptions, factually inaccurate information and fail to recognize the compelling and strategically necessary rationale of the transaction. Kent Lake’s director nominations are a clear attempt to obfuscate the long-term value creation opportunity the acquisition of Akoya presents.
The Quanterix Board has been built thoughtfully to ensure that it is composed of directors with outstanding track records and the right mix of skillsets to successfully oversee the Company’s strategic plan, which includes deep expertise across the life sciences industry with a particular focus on diagnostics, as well as commercial strategy, strategic planning, corporate governance and capital markets experience.
The Quanterix Board will evaluate Kent Lake’s nomination notice and present its recommendation with respect to the election of directors in the Company’s proxy statement, which will be filed with the Securities and Exchange Commission ("SEC") and mailed to all shareholders eligible to vote at the 2025 Annual Meeting. The date of the 2025 Annual Meeting has not yet been announced. Quanterix shareholders are not required to take any action with respect to the election of directors at this time.
Quanterix and Akoya are progressing toward closing. On February 13, 2025, Quanterix filed a registration statement on Form S-4, which contains a preliminary joint proxy statement of Quanterix and Akoya and a preliminary prospectus of Quanterix, with the SEC. The transaction is expected to close in the second quarter of 2025, subject to applicable approvals by both companies’ shareholders and satisfaction of other customary closing conditions.
Goldman Sachs & Co. LLC is serving as financial advisor to Quanterix and Covington & Burling LLP is serving as its legal counsel in Quanterix’s acquisition of Akoya.