The company said its board is reviewing the proposal and has determined that it could lead to a superior proposal as defined under its merger deal with Quanterix (QTRX). Akoya said that there is no guarantee that it would constitute a superior proposal following the review.

Quanterix and Akoya Biosciences announced their updated merger agreement in April, under which Quanterix will issue about 7.76 million shares and pay $20 million in cash to Akoya shareholders.

Akoya said its board continues to recommend the merger deal with Quanterix to its shareholders.

Shares of Akoya Biosciences were up over 25% in recent Wednesday trading.

Price: 1.33, Change: +0.27, Percent Change: +25.38

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