Summary:
Quanterix Corporation has completed its acquisition of Akoya Biosciences, expanding its capabilities and market reach in neurology, oncology, and immunology through integrated blood and tissue biomarker solutions.

Takeaways:

  • Strategic Expansion: The acquisition grows Quanterix’s addressable market from $1B to $5B by combining blood and tissue biomarker platforms.
  • Leadership and Governance: Two Akoya directors join Quanterix’s board, replacing outgoing members to support the integration and strategic direction.
  • Financial Positioning: Quanterix closes the deal with a solid $163M in cash, aiming for profitability by 2026.

Quanterix Corporation, a company fueling scientific discovery through ultra-sensitive biomarker detection, has completed its previously announced acquisition of Akoya Biosciences, Inc., establishing a scaled provider in the early detection of disease for the neurology, oncology, and immunology markets.

Under the terms of the amended merger agreement announced on April 29, Quanterix issued approximately 7.8 million shares of its common stock and paid approximately $20 million in cash, in the aggregate, to holders of Akoya shares and other Akoya equity awards.

“The acquisition of Akoya positions us to deliver comprehensive protein biomarker solutions that leverage signatures in blood and tissue, together providing a more holistic and predictive view of a patient’s disease,” says Masoud Toloue, PhD, chief executive officer of Quanterix. “This transaction extends our portfolio into new markets and is expected to expand our served addressable market from $1 billion to $5 billion.  We believe the combined business will benefit from significant scale, a strong balance sheet and an accelerated path to profitability by 2026.”

Quanterix Board and Management Appointments

As previously announced, Masoud Toloue and Vandana Sriram will continue to serve as chief executive officer and chief financial officer respectively of the combined company.

Pursuant to the terms of the merger agreement, Akoya designated two of its directors, Scott Mendel and Myla Lai-Goldman, MD, to join the Quanterix Board of Directors, and Quanterix appointed Mendel and Lai-Goldman to its board of directors, effective at the closing of the transaction. 

Mendel brings over 30 years of financial and operational experience, most recently having served as CEO and president of GenMark Diagnostics. Lai-Goldman is a pioneer and leader in the diagnostics industry and has held various leadership roles at Labcorp and its predecessor company, Roche Biomedical Laboratories.  

Mendel and Lai-Goldman will replace Martin D. Madaus, PhD, and Sarah Hlavinka, who have resigned from the Quanterix board of directors as of immediately prior to the closing of the transaction.

Looking at the Balance Sheet

At the time of closing the Akoya transaction, Quanterix had approximately $163 million in cash after repayment of Akoya’s debt and transaction-related costs. 

Featured Image: Yuri Arcurs | Dreamstime.com