Kent Lake Issues Letter To Quanterix Shareholders; Believes Merger Agreement With Akoya Biosciences Undervalues The Company

Author: Benzinga Newsdesk | February 18, 2025 04:42pm

Believes Merger Agreement Significantly Undervalues Quanterix

Kent Lake PR LLC ("Kent Lake"), a holder of 5.9% of the outstanding common stock of Quanterix Corporation ("Quanterix" or the "Company") (NASDAQ:QTRX), today highlighted its opposition to the Company's proposed merger (the "Merger") with Akoya Biosciences ("Akoya") (NASDAQ:AKYA). Kent Lake has also issued an open letter to all Quanterix shareholders outlining how the Merger significantly undervalues the Company and its intention to take all necessary steps to vote against the deal.

The full text of the letter can be viewed here.

In its letter, Kent Lake details the following key reasons to vote against the Merger:

• A Massive and Unjustifiable Valuation Disparity: The deal assigns Quanterix an enterprise value of only $42 million, while valuing the weaker Akoya business at $168 million despite Quanterix's superior revenue, growth, and market opportunity.
• A Bailout for Akoya at Quanterix Shareholders' Expense: Akoya's financial struggles would have forced it to seek external financing at a deep discount. Instead, Quanterix's Board of Directors (the "Board") is handing it a premium at the expense of its own investors.
• A Major Risk to Quanterix's Financial Strength: Post-merger, Quanterix's cash runway shrinks from 6.5 years to just 2.5 years, dramatically increasing the likelihood of future dilutive equity raises.
• A Distraction from Quanterix's Biggest Growth Opportunity: The Company stands at a critical moment in its Alzheimer's diagnostic expansion, requiring full focus on FDA approval, reimbursement, and commercialization – not the acquisition of a struggling peer.
• Illusory Synergies with High Execution Risk: Akoya has already cut its workforce by 35%, leading to declining revenue. Additional cost reductions risk further destabilization rather than generating true operational efficiencies.

Posted In: AKYA QTRX