Unknown party withdraws offer to purchase Akoya Biosciences

he anonymous party recently rescinded its offer to purchase Akoya Biosciences in Marlborough, which was made without solicitation. The initial bid was submitted on May 21 amidst Akoya’s existing agreement to be acquired by Quanterix, a research corporation based in Billerica, established in January. This strategic move aimed to merge the two entities into a $220 million company. Despite the previous commitment to Quanterix, Akoya’s board of directors contemplated the unsolicited offer as it potentially offered a superior deal, with an offer price exceeding $69.83 million.

However, on Monday, the undisclosed bidder chose to retract their proposal after declining to provide an improved offer, as requested by Akoya during negotiation conversations regarding the acquisition. This decision was outlined in a filing with the U.S. Securities and Exchange Commission on Tuesday. Consequently, Akoya’s board remains steadfast in endorsing the original plan for acquisition by Quanterix, reaffirming its dedication to the proposed deal. Upon completion, Akoya will operate as a wholly-owned subsidiary of Quanterix, with the distribution of ownership set at 70% for Quanterix stockholders and 30% for Akoya stockholders.

This acquisition presents an opportunity for Akoya and Quanterix to establish an integrated technology ecosystem capable of identifying and measuring tissue and blood biomarkers, which would be a pioneering project in the industry. The anticipated timeline for finalizing the acquisition, as initially stipulated on January 9, targeting the second quarter, was not explicitly addressed in the most recent SEC filing by Akoya.

Akoya, founded in 2015, has been focused on expanding its operational capacity in response to the escalating demand for spatial biology imaging equipment. Notably, the company inaugurated a new 32,000-square-foot facility named the Operations and Manufacturing Center of Excellence in May. This facility serves as a hub for research and development activities, manufacturing processes, quality control, warehousing, and distribution operations, showcasing the company’s commitment to sustainable growth and innovation within the industry.

The decision to decline the unsolicited bid underscores Akoya’s unwavering dedication to the merger with Quanterix and its vision for the future as a key player in the biotech sector. The forthcoming acquisition is a promising development that is poised to drive advancements in technology and research, benefitting both companies and their stakeholders as they move forward in unison towards a shared goal of innovation and progress in the healthcare industry.