Kent Lake Issues Letter to Quanterix Shareholders Regarding Opposition to the Company’s Proposed Merger with Akoya Biosciences
Kent Lake PR , holding 5.9% of Quanterix (NASDAQ: QTRX) shares, has announced its opposition to the proposed merger with Akoya Biosciences (NASDAQ: AKYA). The firm criticizes the merger terms, highlighting several key concerns:
The deal values Quanterix at only $42 million enterprise value compared to Akoya's $168 million, despite Quanterix's superior revenue and growth prospects. Kent Lake argues this merger would reduce Quanterix's cash runway from 6.5 to 2.5 years and distract from its important Alzheimer's diagnostic expansion.
Kent Lake views the deal as a bailout for struggling Akoya at Quanterix shareholders' expense. The firm urges Quanterix's Board to abandon the merger and explore alternatives, including standalone growth or a potential sale exceeding $1 billion. Kent Lake plans to mobilize shareholders against the deal and may nominate directors at the 2025 Annual Meeting.
Kent Lake PR, detentore del 5,9% delle azioni di Quanterix (NASDAQ: QTRX), ha annunciato la sua opposizione alla fusione proposta con Akoya Biosciences (NASDAQ: AKYA). La società critica i termini della fusione, evidenziando diversi punti chiave di preoccupazione:
Il valore dell'accordo stima Quanterix a soli 42 milioni di dollari di valore d'impresa rispetto ai 168 milioni di dollari di Akoya, nonostante le superiori entrate e prospettive di crescita di Quanterix. Kent Lake sostiene che questa fusione ridurrebbe la liquidità di Quanterix da 6,5 a 2,5 anni e distoglierebbe l'attenzione dalla sua importante espansione nel diagnosticare l'Alzheimer.
Kent Lake considera l'accordo come un salvataggio per l'azienda in difficoltà Akoya a spese degli azionisti di Quanterix. La società esorta il Consiglio di Quanterix ad abbandonare la fusione ed esplorare alternative, inclusa la crescita autonoma o una potenziale vendita che superi 1 miliardo di dollari. Kent Lake prevede di mobilitare gli azionisti contro l'accordo e potrebbe nominare dei direttori per l'Assemblea Annuale del 2025.
Kent Lake PR, que posee el 5.9% de las acciones de Quanterix (NASDAQ: QTRX), ha anunciado su oposición a la fusión propuesta con Akoya Biosciences (NASDAQ: AKYA). La firma critica los términos de la fusión, destacando varias preocupaciones clave:
El acuerdo valora a Quanterix en solo 42 millones de dólares en valor empresarial en comparación con los 168 millones de dólares de Akoya, a pesar de las superiores perspectivas de ingresos y crecimiento de Quanterix. Kent Lake argumenta que esta fusión reduciría el tiempo de liquidez de Quanterix de 6.5 a 2.5 años y distraería de su importante expansión en el diagnóstico del Alzheimer.
Kent Lake ve el acuerdo como un rescate para la problemática Akoya a expensas de los accionistas de Quanterix. La firma insta a la Junta de Quanterix a abandonar la fusión y explorar alternativas, incluida el crecimiento independiente o una posible venta que supere 1 mil millones de dólares. Kent Lake planea movilizar a los accionistas contra el acuerdo y podría nominar directores para la Junta Anual de 2025.
Kent Lake PR는 Quanterix (NASDAQ: QTRX) 주식의 5.9%를 보유하고 있으며, Akoya Biosciences (NASDAQ: AKYA)와의 제안된 합병에 반대한다고 발표했습니다. 이 회사는 합병 조건을 비판하며 여러 가지 주요 우려 사항을 강조했습니다:
이번 거래는 Quanterix의 기업 가치를 4200만 달러로 평가하고 있으며, Akoya의 1억6800만 달러에 비해 훨씬 낮습니다. Quanterix의 우수한 수익 및 성장 전망에도 불구하고 Kent Lake는 이 합병이 Quanterix의 자금 운영 기간을 6.5년에서 2.5년으로 줄일 것이며, 중요한 알츠하이머 진단 확장에서 주의를 분산시킬 것이라고 주장합니다.
Kent Lake는 이 거래가 Quanterix 주주 비용으로 어려움을 겪고 있는 Akoya에 대한 구제책이라고 보고 있습니다. 이 회사는 Quanterix 이사회에 합병을 포기하고 독립적인 성장 또는 10억 달러 이상의 잠재적 매각을 포함한 대안을 모색할 것을 촉구합니다. Kent Lake는 이 거래에 맞서 주주를 동원할 계획이며, 2025년 연례 회의에서 이사를 지명할 수 있습니다.
Kent Lake PR, détenant 5,9% des actions de Quanterix (NASDAQ: QTRX), a annoncé son opposition à la fusion proposée avec Akoya Biosciences (NASDAQ: AKYA). La société critique les conditions de la fusion, soulignant plusieurs préoccupations clés :
L'accord valorise Quanterix à seulement 42 millions de dollars de valeur d'entreprise par rapport aux 168 millions de dollars d'Akoya, malgré les revenus et les perspectives de croissance supérieures de Quanterix. Kent Lake soutient que cette fusion réduirait la capacité financière de Quanterix de 6,5 à 2,5 ans et détournerait l'attention de son importante expansion dans le diagnostic de la maladie d'Alzheimer.
Kent Lake considère l'accord comme un sauvetage pour Akoya, en difficulté, aux dépens des actionnaires de Quanterix. La société exhorte le conseil d'administration de Quanterix à abandonner la fusion et à explorer des alternatives, y compris une croissance autonome ou une vente potentielle dépassant 1 milliard de dollars. Kent Lake prévoit de mobiliser les actionnaires contre l'accord et pourrait nommer des directeurs lors de l'assemblée annuelle de 2025.
Kent Lake PR, das 5,9% der Aktien von Quanterix (NASDAQ: QTRX) hält, hat seine Opposition gegen die vorgeschlagene Fusion mit Akoya Biosciences (NASDAQ: AKYA) bekannt gegeben. Die Firma kritisiert die Fusionsbedingungen und hebt mehrere wichtige Bedenken hervor:
Der Deal bewertet Quanterix mit nur 42 Millionen Dollar Unternehmenswert im Vergleich zu Akoyas 168 Millionen Dollar, trotz der überlegenen Einnahmen und Wachstumsaussichten von Quanterix. Kent Lake argumentiert, dass diese Fusion Quanterix' finanzielle Stabilität von 6,5 auf 2,5 Jahre reduzieren und von der wichtigen Expansion in der Alzheimer-Diagnose ablenken würde.
Kent Lake betrachtet den Deal als Rettungsaktion für das angeschlagene Akoya auf Kosten der Quanterix-Aktionäre. Die Firma fordert den Vorstand von Quanterix auf, die Fusion abzulehnen und Alternativen zu prüfen, darunter eigenständiges Wachstum oder einen potenziellen Verkauf, der 1 Milliarde Dollar übersteigt. Kent Lake plant, Aktionäre gegen den Deal zu mobilisieren und könnte bei der Jahreshauptversammlung 2025 Direktoren nominieren.
- Company has 6.5 years of cash runway as standalone entity
- Strong position in Alzheimer's diagnostic market expansion
- Superior revenue and growth compared to Akoya
- Proposed merger would reduce cash runway to 2.5 years
- Deal values company at only $42M enterprise value
- Merger could distract from core Alzheimer's diagnostic business development
- Risk of future dilutive equity raises post-merger
Insights
The proposed merger between Quanterix and Akoya Biosciences presents significant valuation concerns that warrant careful analysis. The $42 million enterprise value assigned to Quanterix compared to Akoya's $168 million appears fundamentally misaligned with their respective market positions and growth trajectories.
The deal's structure raises several red flags from a strategic and financial perspective:
- The valuation disparity is particularly concerning given Quanterix's stronger revenue profile and growth prospects in the lucrative Alzheimer's diagnostic market
- Post-merger cash runway reduction from 6.5 years to 2.5 years significantly increases financial risk and potential future dilution
- The timing is problematic as it coincides with Quanterix's critical phase in Alzheimer's diagnostic development, where management focus is crucial
Kent Lake's opposition, backed by a 5.9% ownership stake, introduces a significant obstacle to deal completion. Their suggestion of a potential $1 billion+ valuation alternative, while ambitious, highlights the gap between the current deal terms and perceived standalone value.
The threat of a proxy fight and director nominations at the 2025 Annual Meeting adds another layer of complexity. Historical precedents show that active opposition from significant shareholders often leads to either deal termination or improved terms. The board will likely face increasing pressure to either renegotiate or explore alternative strategic options.
The Alzheimer's diagnostic market opportunity represents a particularly compelling growth vector that appears undervalued in the current deal structure. With major pharmaceutical developments in Alzheimer's treatment, the diagnostic segment is poised for substantial expansion, making this an inopportune time for a potentially distracting merger integration.
Believes Merger Agreement Significantly Undervalues Quanterix
RINCON,
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 $168 million - 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.
Ben Natter, Managing Member of Kent Lake, issued the following statement:
“The Merger terms are indefensible and would permanently impair QTRX shareholders while depleting nearly
Kent Lake is prepared to take all necessary steps to mobilize shareholders to vote against the deal, including nominating directors to the Quanterix Board at the 2025 Annual Meeting. We look forward to communicating further with our fellow shareholders in the coming weeks.”
THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. KENT LAKE IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250218947049/en/
For media inquiries, please contact:
Ben Natter, 415-799-2720
info@kentlakecap.com
Source: Kent Lake PR LLC
FAQ
What is the enterprise value difference between Quanterix and Akoya in the proposed merger?
How would the QTRX-Akoya merger affect Quanterix's cash runway?
What alternative paths does Kent Lake suggest for QTRX instead of the Akoya merger?
What percentage of Quanterix (QTRX) shares does Kent Lake own?
What actions is Kent Lake planning to take against the QTRX-Akoya merger?
