Kent Lake Issues Investor Presentation Detailing Opposition to Quanterix’s Proposed Merger with Akoya Biosciences
Kent Lake, holding 7.25% of Quanterix (NASDAQ: QTRX) shares, has issued a strong opposition to the proposed merger with Akoya Biosciences (NASDAQ: AKYA). The investor presentation highlights several concerns:
The deal values Akoya at nearly 5x higher than Quanterix despite Quanterix's superior market position, leading to a 40% decline in Quanterix's shares since announcement. The merger process revealed Quanterix as the sole bidder after other potential buyers withdrew due to concerns about Akoya's profitability and cash burn.
Key criticisms include: a proposed $30 million bridge financing to Akoya without clear shareholder approval, potential NIH funding cuts affecting Akoya's stability, and the deal's negative impact on Quanterix's promising Alzheimer's testing program. Kent Lake has nominated three independent candidates for Quanterix's 2025 Board election, arguing that abandoning the merger would create better shareholder value.
Kent Lake, detentore del 7,25% delle azioni di Quanterix (NASDAQ: QTRX), ha espresso una forte opposizione alla fusione proposta con Akoya Biosciences (NASDAQ: AKYA). La presentazione agli investitori mette in evidenza diverse preoccupazioni:
Il valore dell'affare valuta Akoya a quasi 5 volte superiore rispetto a Quanterix, nonostante la posizione di mercato superiore di Quanterix, portando a un calo del 40% delle azioni di Quanterix dall'annuncio. Il processo di fusione ha rivelato Quanterix come unico offerente dopo che altri potenziali acquirenti si sono ritirati a causa di preoccupazioni sulla redditività e sul consumo di liquidità di Akoya.
Le principali critiche includono: un finanziamento ponte proposto di 30 milioni di dollari ad Akoya senza chiara approvazione degli azionisti, potenziali tagli ai finanziamenti NIH che potrebbero influenzare la stabilità di Akoya, e l'impatto negativo dell'affare sul promettente programma di test per l'Alzheimer di Quanterix. Kent Lake ha nominato tre candidati indipendenti per le elezioni del Consiglio di Quanterix nel 2025, sostenendo che abbandonare la fusione creerebbe un valore migliore per gli azionisti.
Kent Lake, que posee el 7.25% de las acciones de Quanterix (NASDAQ: QTRX), ha expresado una fuerte oposición a la fusión propuesta con Akoya Biosciences (NASDAQ: AKYA). La presentación a los inversores destaca varias preocupaciones:
El acuerdo valora a Akoya en casi 5 veces más que Quanterix a pesar de la posición de mercado superior de Quanterix, lo que ha llevado a una caída del 40% en las acciones de Quanterix desde el anuncio. El proceso de fusión reveló a Quanterix como el único postor después de que otros compradores potenciales se retiraran debido a preocupaciones sobre la rentabilidad y el consumo de efectivo de Akoya.
Las principales críticas incluyen: un financiamiento puente propuesto de 30 millones de dólares a Akoya sin una clara aprobación de los accionistas, posibles recortes en la financiación de los NIH que afectarían la estabilidad de Akoya, y el impacto negativo del acuerdo en el prometedor programa de pruebas de Alzheimer de Quanterix. Kent Lake ha nominado a tres candidatos independientes para las elecciones de la Junta de Quanterix en 2025, argumentando que abandonar la fusión crearía un mejor valor para los accionistas.
켄트 레이크는 퀀터릭스(NASDAQ: QTRX)의 7.25%의 주식을 보유하고 있으며, 아코야 바이오사이언스(NASDAQ: AKYA)와의 제안된 합병에 강력히 반대하고 있습니다. 투자자 발표에서는 여러 가지 우려 사항을 강조하고 있습니다:
이번 거래는 퀀터릭스의 시장 위치가 우수함에도 불구하고 아코야의 가치를 거의 5배 더 높게 평가하고 있으며, 이로 인해 발표 이후 퀀터릭스의 주가는 40% 하락했습니다. 합병 과정에서 아코야의 수익성과 현금 소모에 대한 우려로 다른 잠재적 구매자들이 철수한 후 퀀터릭스가 유일한 입찰자로 드러났습니다.
주요 비판 사항으로는: 주주 승인 없이 아코야에 3천만 달러의 브릿지 파이낸싱을 제안한 것, 아코야의 안정성에 영향을 미칠 수 있는 NIH 자금 삭감 가능성, 그리고 합병이 퀀터릭스의 유망한 알츠하이머 테스트 프로그램에 미치는 부정적인 영향이 포함됩니다. 켄트 레이크는 퀀터릭스의 2025년 이사회 선거를 위해 세 명의 독립 후보를 지명하며, 합병을 포기하는 것이 주주 가치를 높일 것이라고 주장하고 있습니다.
Kent Lake, détenant 7,25 % des actions de Quanterix (NASDAQ: QTRX), s'oppose fermement à la fusion proposée avec Akoya Biosciences (NASDAQ: AKYA). La présentation aux investisseurs souligne plusieurs préoccupations :
L'accord valorise Akoya à près de 5 fois plus que Quanterix malgré la position de marché supérieure de Quanterix, entraînant une baisse de 40 % des actions de Quanterix depuis l'annonce. Le processus de fusion a révélé Quanterix comme le seul enchérisseur après que d'autres acheteurs potentiels se soient retirés en raison de préoccupations concernant la rentabilité et la consommation de liquidités d'Akoya.
Les principales critiques incluent : un financement relais proposé de 30 millions de dollars pour Akoya sans approbation claire des actionnaires, des réductions potentielles de financement de la part des NIH affectant la stabilité d'Akoya, et l'impact négatif de l'accord sur le programme prometteur de tests Alzheimer de Quanterix. Kent Lake a nommé trois candidats indépendants pour les élections du conseil d'administration de Quanterix en 2025, soutenant que l'abandon de la fusion créerait une meilleure valeur pour les actionnaires.
Kent Lake, der 7,25 % der Aktien von Quanterix (NASDAQ: QTRX) hält, hat sich entschieden gegen die vorgeschlagene Fusion mit Akoya Biosciences (NASDAQ: AKYA) ausgesprochen. Die Präsentation für Investoren hebt mehrere Bedenken hervor:
Der Deal bewertet Akoya fast 5-mal höher als Quanterix, obwohl Quanterix eine überlegene Marktstellung hat, was zu einem Rückgang der Quanterix-Aktien um 40 % seit der Bekanntgabe geführt hat. Der Fusionsprozess offenbarte Quanterix als den einzigen Bieter, nachdem andere potenzielle Käufer aufgrund von Bedenken hinsichtlich der Rentabilität und des Cashburns von Akoya zurückgezogen hatten.
Wesentliche Kritiken umfassen: eine vorgeschlagene Brückenfinanzierung von 30 Millionen Dollar für Akoya ohne klare Genehmigung der Aktionäre, mögliche Kürzungen der NIH-Finanzierung, die die Stabilität von Akoya beeinträchtigen könnten, und die negativen Auswirkungen des Deals auf Quanterix' vielversprechendes Alzheimer-Testprogramm. Kent Lake hat drei unabhängige Kandidaten für die Vorstandswahlen von Quanterix im Jahr 2025 nominiert und argumentiert, dass der Verzicht auf die Fusion einen besseren Wert für die Aktionäre schaffen würde.
- Quanterix has superior growth and market opportunity compared to Akoya
- Company has promising Alzheimer's testing program with significant value potential
- Active shareholder engagement through Kent Lake's 7.25% ownership stake
- 40% stock price decline since merger announcement
- Proposed $30M bridge financing to Akoya without shareholder approval
- Merger values Akoya at 5x higher than Quanterix despite weaker fundamentals
- Akoya faces profitability issues, high cash burn, and potential NIH funding cuts
- Board governance concerns including failed majority voting and potential conflicts of interest
Insights
Kent Lake's opposition to the Quanterix-Akoya merger represents a significant vote of no confidence from a substantial shareholder (7.25% ownership). The 40% stock decline since the announcement clearly indicates the market shares these concerns about the deal's fundamentals.
The valuation disparity is particularly troubling - valuing Akoya at 5x higher than Quanterix despite the latter's superior growth profile and market opportunity contradicts basic M&A principles. This suggests a fundamental misalignment between management's strategy and shareholder interests.
The S-4 disclosures raise serious red flags about the acquisition process. Other potential strategic buyers walked away due to concerns over Akoya's profitability and cash burn - yet Quanterix proceeded as the sole bidder. This absence of competitive tension typically results in overpayment.
The
The governance concerns - including directors remaining despite failing to secure majority votes and potential conflicts of interest - suggest oversight weaknesses that could impair Quanterix's ability to make value-creating decisions going forward.
The merger's potential impact on Quanterix's Alzheimer's diagnostics program represents a critical strategic concern overlooked in the financial analysis. Alzheimer's diagnostics is emerging as a transformational market opportunity with the FDA approval of disease-modifying treatments that require appropriate diagnostic testing for patient selection.
Quanterix's Simoa platform offers industry-leading sensitivity for blood-based biomarkers important for early Alzheimer's detection. Diverting management focus and financial resources away from this high-potential program to address Akoya's challenges could significantly delay market penetration in this lucrative diagnostic segment.
The timing is particularly concerning as pharmaceutical companies continue advancing Alzheimer's treatments targeting earlier disease stages, where Quanterix's ultra-sensitive detection capabilities provide important advantages. First-mover advantages in companion or complementary diagnostics for these therapies would establish long-term market positioning.
The merger also introduces unnecessary platform diversification when commercial focus on Simoa's capabilities would likely yield better returns. Akoya's spatial biology platform addresses different research applications than Quanterix's ultra-sensitive protein detection, creating potential integration challenges and diluted market messaging at a critical commercialization phase for Alzheimer's applications.
Believes Transaction Significantly Undervalues Quanterix
Highlights that Quanterix’s Board is Essentially Rescuing Akoya at the Direct Expense of Quanterix Shareholders
Transaction Would Introduce Unnecessary Risk and Divert Cash and Management Focus Away from Quanterix’s Alzheimer’s Diagnostics Program, a Core Growth Opportunity
Calls on Quanterix Board to Answer Pressing Questions around Valuation, Process and Governance Issues in Connection with Transaction
Urges Shareholders to Vote Against Merger with Akoya to Protect the Future Value of Their Investment
RINCON,
Kent Lake’s full presentation is available at https://kentlake.s3.us-west-1.amazonaws.com/QTRX-AKYA_KLPRVoteNoDeck.pdf.
Highlights of the presentation include:
-
The Transaction is a bad deal for Quanterix shareholders – The Transaction inexplicably values Akoya nearly 5x higher than Quanterix, despite Quanterix’s superior mix, growth and market opportunity. It is essentially a bailout of Akoya. Quanterix’s shares have declined nearly
40% since the deal announcement.
- Quanterix ended up bidding against itself for Akoya – As revealed in the S-4 related to the Transaction, other motivated, strategic potential buyers of Akoya walked away due to concerns around profitability, cash burn and leverage, leaving Quanterix as the only bidder. Reading the S-4 raises serious issues about the process that led to this Transaction.
- The merger introduces unnecessary risk for Quanterix – Expected National Institute of Health funding cuts will further strain Akoya’s business, making Akoya’s balance sheet situation untenable and reinforcing Kent Lake’s belief that Akoya currently has little or no positive equity value.
- Management is entrenched and conflicted – Certain directors remain on the Quanterix Board of Directors (the “Board”) despite failing to obtain majority voting from shareholders, while others appear to have undisclosed conflicts of interest that compromise their fiduciary duty to Quanterix shareholders, such as Dr. Ivana Magovčević-Liebisch’s director position at a Company with a material interest in Akoya.
-
The Transaction includes a provision where Quanterix would provide Akoya with
$30 million
- Quanterix has significant potential as a standalone company – The Transaction will divert focus away from Quanterix’s transformational Alzheimer’s testing opportunity, which, if pursued, could unlock substantial value.
In Kent Lake’s view, the incumbent Board can no longer be trusted to represent shareholders’ best interests. That is why Kent Lake recently nominated three highly qualified, independent candidates for election to Quanterix’s Board at the 2025 Annual Meeting of Shareholders. There are clear, superior alternatives for Quanterix on a standalone basis, and Kent Lake believes that abandoning the ill-fated Transaction would allow shareholders to realize greater value creation than combining with Akoya.
About Kent Lake
Kent Lake Partners LP is an investment fund founded by Ben Natter in 2019 with a focus on small and mid-capitalization public equities, particularly in the healthcare space. Mr. Natter has over a decade of successful public healthcare equity investing experience.
Certain Information Concerning the Participants
Kent Lake Partners LP (“Kent Lake Partners”), together with the other Participants (as defined below), intends to file a preliminary proxy statement and an accompanying GOLD universal proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for, among other matters, the election of its slate of highly-qualified director nominees at the 2025 annual meeting of stockholders of Quanterix Corporation, a
KENT LAKE STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING ITS GOLD PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.
The participants in the proxy solicitation are currently anticipated to be Kent Lake Partners, Kent Lake PR LLC (“Kent Lake PR”) and Benjamin Natter (collectively, the “Kent Lake Parties”); and Alexander G. Dickinson, Bruce Felt and Hakan Sakul (the “Kent Lake Nominees” and collectively with the Kent Lake Parties, the “Participants”).
As of the date hereof, Kent Lake Partners directly beneficially owned 2,793,405 shares of the Company’s Common Stock,
View source version on businesswire.com: https://www.businesswire.com/news/home/20250310891563/en/
Investor Contacts
Ben Natter, 415-237-0007
info@kentlakecap.com
Saratoga Proxy Consulting LLC
John Ferguson / Ann Marie Mellone
(212) 257-1311 / (888) 368-0379
info@saratogaproxy.com
Media Contact
Joe Germani / Kendall Heebink
Longacre Square Partners
KentLake@longacresquarepartners.com
Source: Kent Lake PR LLC
FAQ
Why did Quanterix (QTRX) stock drop 40% after the Akoya merger announcement?
What is Kent Lake's stake in Quanterix (QTRX) and their position on the Akoya merger?
How much bridge financing is Quanterix (QTRX) proposing to provide Akoya?
What impact would the merger have on Quanterix's (QTRX) Alzheimer's testing program?
What action is Kent Lake taking regarding Quanterix's (QTRX) board composition?
