Form 4: Akoya Biosciences Completes Merger with Quanterix Subsidiary, Director Raffin Disposes of Holdings

Akoya Biosciences, Inc. has completed its merger with Wellfleet Merger Sub, Inc., a wholly-owned subsidiary of Quanterix Corporation, resulting in Akoya becoming a Quanterix subsidiary and the conversion of Akoya shares into cash and Quanterix stock.

Summary

• Akoya Biosciences, Inc. (AKYA) has completed its merger with Wellfleet Merger Sub, Inc., a wholly-owned subsidiary of Quanterix Corporation, on July 8, 2025.
• Following the merger, Akoya Biosciences, Inc. survives as a wholly-owned subsidiary of Quanterix Corporation.
• Each outstanding share of Akoya common stock was converted into the right to receive 0.1461 of a share of Quanterix common stock and $0.38 in cash.
• The Per Share Stock Consideration and Per Share Cash Consideration may be adjusted according to the Merger Agreement.
• Director Thomas A. Raffin reported the disposition of 234,592 shares held directly by his Living Trust, 1,737,712 shares held indirectly by THP III Affiliates Fund, LLC, and 15,937,535 shares held indirectly by Telegraph Hill Partners III, L.P., all due to the merger.
• All outstanding options to purchase Akoya common stock were accelerated as of the closing date.
• Options with an exercise price equal to or greater than the Per Share Merger Consideration were automatically terminated and cancelled for no consideration.

Sentiment

Score: 7

Explanation: The sentiment is generally positive as the merger, a significant strategic event, has been successfully completed. While some option holders lost value, the overall transaction provides a clear exit and consideration for shareholders.

Positives

• The completion of the merger provides a definitive outcome for Akoya Biosciences shareholders, converting their holdings into a combination of cash and shares in Quanterix Corporation.
• The merger represents a strategic consolidation, potentially enhancing the combined entity's market position and capabilities.

Negatives

• Options with an exercise price equal to or greater than the Per Share Merger Consideration were terminated and cancelled for no consideration, resulting in a loss for holders of those specific options.
• Akoya Biosciences, Inc. ceases to be an independent publicly traded entity, which may limit direct investment opportunities in its specific operations.

Risks

• The Per Share Stock Consideration and Per Share Cash Consideration may be adjusted pursuant to the terms of the Merger Agreement, introducing a potential for slight variation in the final value received by shareholders.

Future Outlook

The document primarily reports on a completed transaction and does not provide forward-looking statements or guidance for the combined entity beyond the terms of the merger consideration.

Industry Context

This merger represents a consolidation within the life sciences and biotech tools sector, where companies often seek to combine complementary technologies and market reach to enhance competitive advantage and expand product offerings. The acquisition of Akoya Biosciences by Quanterix Corporation suggests a strategic move to integrate Akoya's spatial biology capabilities with Quanterix's ultra-sensitive detection technology, potentially creating a more comprehensive solution for researchers and clinicians.

Comparison to Industry Standards

• Specific comparable companies, projects, or results are not detailed in this Form 4 filing, as it focuses on the mechanics of a completed transaction rather than a performance comparison.
• Merger consideration structures involving a mix of stock and cash are common in the life sciences industry, allowing for both immediate liquidity and participation in the future growth of the acquiring entity.

Stakeholder Impact

• Shareholders of Akoya Biosciences: Their shares have been converted into a combination of Quanterix common stock and cash.
• Employees (especially those with stock options): Options with exercise prices at or above the merger consideration were terminated for no value, impacting their equity compensation.

Next Steps

• Integration of Akoya Biosciences into Quanterix Corporation as a wholly-owned subsidiary.
• Shareholders of Akoya Biosciences will receive the Per Share Merger Consideration (Quanterix stock and cash) as per the agreement.

Key Dates

Keywords

Merger, Acquisition, Akoya Biosciences, Quanterix Corporation, SEC Form 4, Beneficial Ownership, Stock Consideration, Cash Consideration, Corporate Action, Life Sciences, Biotech