Quanterix (QTRX) and Akoya Biosciences (AKYA) said Friday they entered into a definitive merger agreement under which Quanterix will acquire Akoya in an all-stock transaction.

Under the agreement, which was approved by both companies' boards, Akoya shareholders will receive 0.318 Quanterix shares for each Akoya share, reflecting a 19% premium based on Akoya's stock price on Nov. 14, 2024, according to the companies.

The transaction is expected to close in Q2, after which Quanterix shareholders will own 70% of the combined entity, while Akoya shareholders will hold 30%, on a fully diluted basis, and the merged company will continue to operate under the Quanterix name, the companies said.

Quanterix's Chief Executive Officer Masoud Toloue and Chief Financial Officer Vandana Sriram will continue to hold the same roles at the merged entity, whose new board will include nine members, with two directors joining from Akoya's current board.

Shares of Akoya and Quanterix jumped more than 35% and 9%, respectively, in recent premarket activity.