Quanterix Reaffirms Strategic and Financial Benefits of Akoya Biosciences Acquisition
Introduction to the Acquisition
Quanterix Corporation, a leader in ultra-sensitive biomarker detection, has reiterated the compelling strategic and financial advantages of its proposed acquisition of Akoya Biosciences. This move is set to create the first integrated solution for ultra-sensitive detection of blood- and tissue-based protein biomarkers.
Strategic Rationale Behind the Acquisition
The acquisition of Akoya is the outcome of a rigorous evaluation by its Board, aligned with the Company’s long-term growth strategy. The combination of advanced blood-based biomarker detection and Akoya’s spatial biology expertise will accelerate the development of new liquid biopsy tests. Quanterix believes this market will eventually surpass all other diagnostic tests in size.
Key Benefits of the Acquisition
- Expanded Addressable Market
The addition of Akoya’s spatial biology technology opens up a high-growth $5 billion market in neurology, immunology, and oncology. Furthermore,it sees an additional $10 billion opportunity in Alzheimer’s Disease diagnostics. This acquisition positions to lead in both blood- and tissue-based biomarker detection, fueling innovation in liquid biopsy tests. - Synergy Generation
Through extensive diligence, it estimates it will achieve approximately $40 million in annual cost synergies by 2026, with $20 million expected to be realized within the first year post-acquisition. - Enhanced Scale and Profitability
The deal is expected to result in positive free cash flow by 2026, with double-digit organic revenue growth. Quanterix anticipates its revenue to reach approximately $1 billion with EBIT margins of 15% within five years of the acquisition.
Kent Lake Board Nominations
Quanterix has confirmed that Kent Lake PR LLC has nominated three candidates for election to the Board at the 2025 Annual Meeting of Shareholders. While Quanterix welcomes shareholder engagement, the Company disputes Kent Lake’s claims, stating that their financial assumptions and analysis are flawed. The Quanterix Board maintains it is composed of experienced directors with expertise in life sciences, diagnostics, and corporate governance.
Board’s Response to Kent Lake’s Nominations
The Quanterix Board will carefully evaluate Kent Lake’s nominations and provide its recommendation in the Company’s upcoming proxy statement, which will be filed with the SEC. Shareholders need not take action regarding the election of directors at this time.
Quanterix Reaffirms Strategic and Financial Benefits of Akoya Biosciences Acquisition
Progress Toward Closing
Quanterix and Akoya are on track to complete the acquisition by the second quarter of 2025, pending approval from both companies’ shareholders and other customary conditions. On February 13, 2025, filed a registration statement with the SEC, which includes a preliminary joint proxy statement and a preliminary prospectus.
Advisors Involved in the Transaction
Goldman Sachs & Co. LLC is serving as it’s financial advisor, while Covington & Burling LLP is providing legal counsel in the acquisition process.
Conclusion
The proposed acquisition of Akoya Biosciences will significantly enhance it’s capabilities, accelerating innovation in biomarker detection and providing the Company with new opportunities for growth. It is confident that the acquisition will drive long-term value creation for shareholders.
About Quanterix
From discovery to diagnostics, Quanterix’s ultrasensitive biomarker detection is fueling breakthroughs only made possible through its unparalleled sensitivity and flexibility. Quanterix’s Simoa® technology has delivered the gold standard for earlier biomarker detection in blood, serum or plasma, with the ability to quantify proteins that are far lower than the Level of Quantification (LoQ). Its industry-leading precision instruments, digital immunoassay technology and CLIA-certified Accelerator laboratory have supported research that advances disease understanding and management in neurology, oncology, immunology, cardiology and infectious disease. Quanterix has been a trusted partner of the scientific community for nearly two decades, powering research published in more than 3,100 peer-reviewed journals.
