Quanterix Expands Biomarker Reach with Akoya Acquisition, Boosts Addressable Market to $5 Bln.

Quanterix has completed its acquisition of Akoya Biosciences, expanding its total addressable market from $1 billion to $5 billion. The deal integrates blood and tissue-based biomarker solutions for early disease detection across neurology, oncology, and immunology. Quanterix CEO Masoud Toloue expects the combined business to reach profitability by 2026 and gain operational scale with a strong balance sheet.

Quanterix Corporation (NASDAQ: QTRX), a leader in ultra-sensitive biomarker detection, has completed its acquisition of Akoya Biosciences, Inc. This strategic move aims to create a more holistic and predictive view of patient diseases by integrating blood and tissue-based biomarker solutions. The acquisition expands Quanterix's total addressable market from $1 billion to $5 billion, targeting neurology, oncology, and immunology markets.

Under the terms of the amended merger agreement announced on April 29th, Quanterix issued approximately 7.8 million shares of its common stock and paid approximately $20 million in cash to holders of Akoya shares and other equity awards [1]. Masoud Toloue, PhD, CEO of Quanterix, stated that the acquisition positions the company to deliver comprehensive protein biomarker solutions, leveraging signatures in both blood and tissue. He expects the combined business to benefit from significant scale, a strong balance sheet, and an accelerated path to profitability by 2026 [1].

Board and management appointments were also announced. Masoud Toloue and Vandana Sriram will continue to serve as CEO and CFO of the combined company, respectively. Two directors from Akoya, Scott Mendel and Myla Lai-Goldman, MD, were appointed to the Quanterix Board of Directors, effective at the closing of the transaction [1]. Mr. Mendel brings over 30 years of financial and operational experience, most recently serving as CEO and President of GenMark Diagnostics. Dr. Lai-Goldman is a pioneer in the diagnostics industry, having held various leadership roles at Labcorp and Roche Biomedical Laboratories [1].

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 [1]. Quanterix's Simoa® technology has delivered the gold standard for earlier biomarker detection in blood, serum, or plasma, with the ability to quantify proteins far below the Level of Quantification (LoQ) [1].

The acquisition is expected to drive significant growth for Quanterix, as it integrates advanced biomarker detection capabilities across different disease areas. The combined company aims to leverage its enhanced capabilities to provide more accurate and predictive insights into patient health, potentially leading to earlier disease detection and improved patient outcomes.

References:
[1] https://www.marketscreener.com/quote/stock/QUANTERIX-CORPORATION-38934439/news/Quanterix-Completes-Acquisition-of-Akoya-Biosciences-Creating-the-First-Integrated-Platform-Capable-50458051/