Quanterix to Acquire Akoya Biosciences, Enhancing Protein Biomarker Detection
Quanterix Corporation (NASDAQ: QTRX), a leader in ultra-sensitive biomarker detection, and Akoya Biosciences (NASDAQ: AKYA), renowned for its spatial biology innovations, have announced a definitive merger agreement. Under the agreement, Quanterix will acquire Akoya in an all-stock transaction, creating the first fully integrated platform for ultra-sensitive detection of blood- and tissue-based protein biomarkers.
Masoud Toloue, PhD, CEO of Quanterix, commented, “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.” He emphasized that the merger would accelerate progress by combining Akoya’s spatial biology expertise with Quanterix’s SIMOA (Single Molecule Array) technology. This integrated approach allows researchers and clinicians to track disease progression from tissue to blood, offering a comprehensive view of disease markers.
Brian McKelligon, CEO of Akoya, echoed the sentiment, stating, “Joining forces with Quanterix marks a pivotal step in our journey to revolutionize the way we understand and treat disease. This partnership strengthens our presence in critical markets and accelerates our ability to scale, innovate, and bring impactful products to market that will benefit human health.”
Strategic and Financial Benefits
1. Creation of an Integrated Solution for Liquid and Tissue Proteomic Biomarkers:
The merger combines Akoya’s spatial biology capabilities in tissue with Quanterix’s advanced ultra-sensitive biomarker detection tools for blood. This combination positions Quanterix as the first company with a fully integrated technology ecosystem capable of measuring biomarkers across both tissue and blood. By offering a broader set of technologies, Quanterix will enhance diagnostic accuracy and improve patient outcomes through better biomarker-driven treatment decisions.
2. Expanding Technology Offerings in Neurology, Oncology, and Immunology:
The merger expands Quanterix’s footprint in high-growth markets, particularly in neurology, oncology, and immunology. Quanterix has established leadership in neurology, while Akoya brings expertise in oncology and immunology. The integration will enable the company to capitalize on growth opportunities in a $5 billion serviceable addressable market. Akoya’s spatial biology technology complements Quanterix’s existing offerings, providing powerful new tools for precision medicine in these fields.
3. Enhanced Lab Services and Clinical Diagnostics Opportunity:
With Akoya’s established clinical partnerships and CLIA-certified lab services, Quanterix will be strategically positioned to expand its portfolio in the rapidly emerging spatial biology clinical market. This includes opportunities to develop products for oncology, where spatial biology’s role is becoming increasingly vital.
4. Increased Commercial Reach and Cross-Selling Opportunities:
The merger opens up significant cross-selling opportunities for Quanterix and Akoya’s complementary products. Together, the two companies have a combined install base of 2,300 instruments, which will fuel strong double-digit organic revenue growth by 2026. The combined customer base, which spans discovery, translational, and clinical research, will be better served with an integrated solution.
5. Accelerated Path to Profitability:
Quanterix anticipates $40 million in annual cost synergies by the end of 2026, with $20 million expected within the first year. These savings will come from eliminating duplicative corporate structures, streamlining commercial infrastructures, and optimizing operational efficiencies. With these synergies, Quanterix expects to accelerate its path to profitability, including generating positive free cash flow in 2026.
6. Strong Cash Position for Future Growth:
For the trailing 12 months ending September 30, 2024, the combined entity generated approximately $220 million in revenue. With over $300 million in combined cash reserves, Quanterix expects to have about $175 million in cash post-transaction, with no debt. This financial flexibility will allow the company to advance its global diagnostic infrastructure, particularly in Alzheimer’s disease and other growth areas such as companion diagnostics.
Transaction Details
The terms of the transaction, approved by the Boards of Directors of both companies, stipulate that Akoya shareholders will receive 0.318 shares of common stock for each Akoya share. This represents a 19% premium over Akoya’s stock price on November 14, 2024, the last trading day before Akoya announced its strategic review.
Post-merger, shareholders will own approximately 70% of the combined company, while Akoya shareholders will hold about 30% on a fully diluted basis.
Timing, Approvals, and Governance
The transaction is expected to close in the second quarter of 2025, subject to shareholder approval, antitrust review, and customary closing conditions. Voting agreements in support of the transaction have been secured from shareholders holding more than 50% of Akoya’s common stock.
After the merger, Masoud Toloue will remain CEO, and Vandana Sriram will serve as CFO. The combined company will continue to operate under the Quanterix name, with a board of nine members. Two current directors will step down, and Akoya will appoint two directors to the board.
