Synektik one step closer to planned division

Synektik, a provider of advanced solutions for medicine, including innovative medical devices and IT solutions, and the leading Polish producer of radiopharmaceuticals, has adopted a plan to split the company into two independent entities. The business connected with research on new pharmaceutical compounds, including a cardiotracer—an innovative radiopharmaceutical with global sales potential—will be spun off into the new company Syn2bio. The rest of the operating activity will remain at Synektik, which after the split will be a company with higher profitability and significant dividend potential. Both companies will be listed on the Warsaw Stock Exchange.

– “Adoption of the division plan is a major step bringing us closer to the planned split of Synektik into two independent companies, conducting different activity and attracting investors with a different profile and appetite for risk,” said Cezary Kozanecki, founder and CEO of Synektik. “Transferring to Syn2bio the business connected with research on new pharmaceutical compounds—including a cardiotracer, our flagship research project—will enable us to gain new sources for financing this research. In turn, this will allow Synektik, whose results have so far been burdened by the costs of this research, to achieve higher profitability and to pay out higher dividends. Separating the existing, diversified activities into independent companies will also allow investors to make a separate and accurate valuation reflecting the potential of each company. We are confident that this will lead to increased value for both companies.”

Cezary Kozanecki explained: “The next major step in the process leading to the division of Synektik will be preparation of the prospectus by Syn2bio, and then obtaining approval of the prospectus by the Polish Financial Supervision Authority (KNF), in connection with the planned issue of demerger shares of Syn2bio, to be allocated to Synektik shareholders. Our aim is to complete this stage in early 2026, enabling us to finalize the division and list the shares of the new company on the WSE by the middle of next year.”

Valuation and share exchange ratio have been determined

For purposes of the planned division of Synektik, a valuation of the company, including the business being spun off into Syn2bio, has been made by an independent entity, mInvestment Banking.

As of 30 June 2025, the value of Synektik as a whole has been set at about PLN 2.11 billion (PLN 247.54 per share), out of which the value of the assets to be transferred is about PLN 163 million (PLN 19.14 per share), or about 7.73% of the whole. The valuation of the business being spun off into Syn2bio was made using the adjusted net asset value method, taking into account the value of the expenditures already incurred on research projects and a portion of the planned expenditures. In turn, in valuing Synektik (without the spun-off operations), the discounted cash flow method and the comparative method were used.

In the planned division, Synektik shareholders will be allotted shares in Syn2bio in a 1:1 ratio. This means that for each share of Synektik held on the record date, the investor will receive one share of Syn2bio. This will occur “automatically,” without the need for investors to take any additional action. The record date will be designated by the National Securities Depository (KDPW) after approval of the Syn2bio prospectus by KNF. After the end of the final trading session when it is possible to purchase Synektik shares entitled to participate in the division (i.e. two business days before the established record date), the reference share price for the next trading session will be reduced by the value of the activity spun off into Syn2bio (i.e. about 7.73%). This value will also constitute the reference share price for the first session of listing of Syn2bio shares on the WSE.

New possibilities thanks to the split

As a result of the planned division of Synektik, the portion of the activity of the R&D centre connected with research into new pharmaceutical compounds—in particular research on a cardiotracer, i.e. an innovative radiopharmaceutical designed for testing myocardial perfusion and diagnosis of coronary artery disease—will be spun off into Syn2bio.

The cardiotracer is Synektik’s flagship research project, with global sales potential. The company holds the exclusive rights to produce and sell this tracer throughout the world, and it is also subject to patent protection on key markets, including Europe and Japan (and is in the process of obtaining patent protection in the United States). Synektik has successfully completed phase one and phase two of clinical trials, and is now at an advanced stage of phase three trials.

Syn2bio will continue the clinical trials and then handle commercialization of the cardiotracer. The main source of future revenues of this company will be partnering agreements, for example licences for production of the cardiotracer granted to third parties, in Western Europe and the United States among other places, or in-house production of this radiopharmaceutical by Syn2bio. In Synektik’s view, the biggest potential connected with future commercialization of the cardiotracer lies in the United States, where some 7 million myocardial perfusion tests are performed each year. The market with the second-largest potential is Europe.

Until completion of the division process, clinical trials on the cardiotracer will be continued and financed by Synektik. Additionally, it will provide Syn2bio with the appropriate resources to continue the research over the following 12–14 months. The total amount of financing secured by Synektik (from the valuation date of the company for the purposes of the division, i.e. from 30 June 2025, to the effective date of the division) will be PLN 50 million. Syn2bio will also be able to seek funding from grants and R&D financing schemes earmarked for SMEs, which are not currently accessible to Synektik as a large enterprise.

Alongside additional external financing, it will also be easier for Syn2bio, focused on development of the cardiotracer project and the search for new pharmaceutical compounds, to attract investors, including industry investors, who are interested in this business profile, accepting a different level of risk and expecting a higher potential rate of return in the future. This also opens up opportunities for a broader quest for new research projects and acceleration of their commercialization—under more favourable terms than in the case of commercialization at an earlier stage under the existing model for financing such projects by Synektik.

The other business currently conducted by Synektik will remain within the existing company. It will thus continue to handle such matters as distribution and servicing of innovative medical equipment (including the da Vinci robotic systems, as their sole distributor for Poland, Czechia, Slovakia, and the Baltic States), development of its own IT solutions, production and sale of radiopharmaceuticals, as well as R&D in the search for generics of existing radiopharmaceutical products which do not require long-term clinical trials.

Both companies—Synektik and Syn2bio—will ultimately be listed on the Warsaw Stock Exchange.

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About the Synektik Group

The Synektik Group is a leading manufacturer of advanced radiopharmaceutical products and IT solutions (including the Zbadani.pl tele-radiology platform and the SynDose dosage monitoring app), a provider of maintenance and measurement services and a distributor of innovative medical devices used in diagnostics and therapy across radiology, oncology, cardiology, and neurology.

Within the medical device distribution segment, the Company collaborates with nearly twenty global manufacturers of diagnostic and therapeutic devices. Thanks to its broad product portfolio and acquired expertise, Synektik offers, among other services, turnkey construction of hybrid operating rooms.

The Group operates three radiopharmaceutical production facilities in Poland, one of which also serves as a research and development center focused on the creation of new, innovative products for applications in oncology, cardiology, and neurology. Additionally, the Group is developing its own clinical research center. Synektik remains the leading supplier of special radiopharmaceuticals in Poland, used, among others, in the diagnosis of hepatocellular carcinoma and prostate cancer with bone metastases.

The Company’s flagship project is an innovative cardiac radiotracer with global market potential, dedicated to the diagnosis of coronary artery disease, currently in the clinical trial phase.

Synektik is the exclusive distributor of the da Vinci robotic systems for minimally invasive surgery and the Symani robots for microsurgery and supermicrosurgery in Poland, the Czech Republic, Slovakia, Lithuania, Latvia, and Estonia. It is also the exclusive distributor in Poland, the Czech Republic, and Slovakia of a non-invasive neurosurgery device based on focused ultrasound technology (MRgFUS), used in the treatment of essential tremor and Parkinson’s disease-related tremor.

In the most recent financial year (1 October 2023 – 30 September 2024), Synektik Group reported sales revenue of PLN 624.1 million (up 40% year-on-year), recurring EBITDA of PLN 145.6 million (up 50% year-on-year), and net profit of PLN 82.6 million (up 57% year-on-year).

For more information please visit: www.synektik.pl