Quanterix and Akoya Biosciences announced a definitive merger agreement under which Quanterix will acquire Akoya in an all-stock transaction. The deal will create the first integrated solution for ultra-sensitive detection of blood- and tissue-based protein biomarkers.
These are some of the benefits of the combination:
1.) Integrating Akoya’s spatial biology capabilities in tissue with Quanterix’s advanced tools for the ultra-sensitive detection of biomarkers in blood will set up the first fully integrated technology ecosystem to identify and measure biomarkers across tissue and blood. Quanterix will be better positioned to serve research customers and clinicians with a broader set of technologies to improve diagnostic relevance and accuracy and enhance patient outcomes through biomarker-driven treatment decisions.
2.) With Quanterix’s industry-leading position in neurology and Akoya’s focus on oncology and immunology, Quanterix will be expanding its technology offerings across these high-growth markets. And the addition of Akoya’s cutting-edge spatial biology capabilities will enable Quanterix to capitalize on growth opportunities in a $5 billion serviceable addressable market.
3.) Utilizing Akoya’s established clinical partnerships and CLIA-certified lab services, Quanterix is now strategically positioned to drive significant value creation through an expanded portfolio of lab service offerings. And this collaboration establishes a clear path for Quanterix to participate in the rapidly emerging spatial biology clinical market, particularly in oncology.
4.) Quanterix and Akoya have complementary offerings and deep customer relationships across discovery and clinical research. And when offered as an integrated solution, Quanterix expects significant cross-selling opportunities to a combined 2,300 instrument install base, driving strong double-digit organic revenue growth in 2026.
5.) The deal is expected to generate approximately $40 million in annual cost synergies by the end of 2026, with $20 million expected to be realized within the first year following close. And these cost savings will be driven primarily by the elimination of duplicative corporate structures, streamlined commercial infrastructure, increased operational efficiencies, process improvements and footprint optimization. These synergies will be additive to the cost savings initiatives already implemented by the two organizations. Quanterix’s previous cost initiatives, combined with the expected cost synergies from the deal, are expected to accelerate its path to profitability, including generating positive free cash flow in 2026.
For the trailing 12 months ending September 30, 2024, the combined company generated approximately $220 million in revenue. And with more than $300 million in combined cash today, Quanterix expects to have roughly $175 million in cash with no expected debt at the time of closing, after accounting for debt repayment, transaction costs, and a $20 million payment for its recently announced EMISSION acquisition. Quanterix will have financial flexibility for advancing the Company’s global diagnostic testing infrastructure, including for Alzheimer’s disease and other growth opportunities such as Akoya’s advancement into the companion diagnostics segment.
Under the terms of the agreement, which the Boards approved of Directors of both companies, Akoya shareholders will receive 0.318 shares of Quanterix common stock for each share of Akoya common stock owned. This deal represents a 19% premium to Akoya’s unaffected stock price on November 14, 2024, the last full trading day before Akoya announced its review of strategic alternatives.
Following the close of the transaction, Quanterix shareholders will own about 70% of the combined company and Akoya shareholders will own approximately 30%, on a fully diluted basis.
The deal is expected to close in the second quarter of 2025.
After the closing of the deal, Masoud Toloue will serve as Chief Executive Officer and Vandana Sriram will serve as Chief Financial Officer. And the combined company will continue to operate under the Quanterix name.
Upon closing the deal, the Quanterix Board will consist of nine members. And two current Quanterix directors will resign, and Quanterix will appoint two directors designated by Akoya from their current Board.
KEY QUOTES:
“Liquid biopsy will eventually surpass the market size of all other diagnostics testing combined. Enabling early disease detection, before symptoms appear, using non-invasive methods is our mission and will be the majority of Quanterix’s long-term value. This transaction accelerates our progress by creating the first platform that lets researchers and clinicians track disease progression from tissue to blood. By starting with tissue and detecting early signs of complementary proteins in blood using leading ultra-sensitive SIMOA technology, we are uniquely positioned to speed up market development of new liquid biopsy tests.”
– Masoud Toloue, PhD, Chief Executive Officer of Quanterix
“Joining forces with Quanterix marks a pivotal step in our journey to revolutionize the way we understand and treat disease. We are thrilled to be part of an established leader in the life science tools and diagnostics market that not only strengthens our presence in critical markets but also accelerates our ability to scale, innovate and ultimately bring to market products that impact human health. With the capital structure and significant synergies facilitated through this transaction, the combined company is well-positioned for future growth and profitability. We look forward to being part of the Quanterix team to better serve the needs of researchers and clinicians and bring substantial value to our customers and shareholders.”
– Brian McKelligon, Chief Executive Officer of Akoya
