Akoya Biosciences to be acquired by Billerica research firm, create $220M business
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Akoya Biosciences' Marlborough headquarters
To further its efforts in advancing spatial biology imaging, Marlborough-based biotech firm Akoya Biosciences has agreed to be acquired by Quanterix, a Billerica-based research corporation.
The deal will enable Akoya and Quanterix to develop what the firms are referring to as the first fully integrated technology ecosystem for identifying and measuring biomarkers in tissue and blood, according to a joint Friday press release.
Once the acquisition is complete, Quanterix stockholders will possess 70% of the company with Akoya stockholders owning the remaining 30%, according to Akoya’s Thursday filing with the U.S. Securities and Exchange Commission.
The acquisition is expected to close in the second quarter and create a combined entity with $220 million in annual revenue, according to SEC filings.
“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,” Akoya CEO Brian McKelligon said in the press release.
Both Masoud Toloue, CEO of Quanterix, and Vandana Sriram, CFO Quanterix, will continue in their executive roles of the merged entity.
Both companies expect the acquisition will generate approximately $20 million in annual cost synergies within the first year and $40 million saved by the end of 2026. Those savings include reducing duplicative corporate structures, optimizing commercial infrastructure, and improving operational efficiencies.
Once the transaction is completed, Quanterix’s board will consist of seven of its existing directors and two directors to be nominated by Akoya before the acquisition’s effective time.
The announcement comes just three months after Akoya named Scott Mendel, former president and CEO of a California-based GenMark Diagnostics, as its new board chair.
Quanterix has hired New York City-based Goldman Sachs to serve as its financial advisor for the transaction and Covington & Burling of Washington, D.C. as its legal counsel. Akoya has selected New York City-based Perella Weinberg Partners as financial advisor and U.K.-based DLA Piper as legal counsel.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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