Synektik plans to devide. It is spinning off the cardiotracer research project into a new company which will also be listed on the WSE

Synektik, a provider of advanced solutions for medicine, including innovative medical devices and IT solutions, and the leading Polish producer of radiopharmaceuticals, intends to split into two independent companies. The listed firm plans to spin off into a new entity the business connected with cardiotracer research. This will open up new possibilities for raising financing for further clinical trials and future commercialization of this innovative radiopharmaceutical with global sales potential. 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. As a result of the split, Synektik’s shareholders will take up shares of the new company (proportionally to the shares they hold), and both companies will be listed on the Warsaw Stock Exchange. The management board intends to finalize the split within the first half of 2026.

“Synektik currently conducts diverse operations,” explained Cezary Kozanecki, founder and CEO of Synektik. “On one hand it is involved in sales and servicing of medical equipment, as well as production of radiopharmaceuticals, and these are a source of predictable, rising revenues and profits. On the other hand, the company is conducting costly research, primarily on a cardiotracer which has huge potential related to its future commercialization but at the current stage is not yet generating revenue. These two types of activity attract investors with a different profile and varying appetite for risk. Dividing these operations into independent companies will allow investors to make a separate and reliable assessment reflecting the potential of each company. I believe that as a consequence, this will lead to increasing the value of both companies, while exploiting new possibilities for financing further growth, but based on different strategies tailored to their differing business models.”

New possibilities for financing and commercializing cardiotracer

As a result of the planned division, 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 a new company (working name “Syn2bio”).

The cardiotracer enables detection of myocardial perfusion disorders in patients with suspected or confirmed coronary artery disease. It also enables analysis of the patient’s health and prognosis after suffering myocardial infarction and in ischemic heart disease, as well as assessment of the severity of atherosclerotic lesions in the coronary arteries. Synektik 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.

According to Cezary Kozanecki, “The cardiotracer is our flagship project, with global sales potential. We have successfully completed phase one and phase two of clinical trials, and are now at an advanced stage of phase three trials. The new entity is to continue the clinical trials and then handle commercialization of the cardiotracer. The main source of future revenues of Syn2bio 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. Today, most of these tests are performed using the SPECT method, but every year a larger and larger percentage of these tests are conducted using the new, more precise PET-CT method, which would also be used for the company’s cardiotracer. The market with the second-largest potential is Europe.

“We assume that while spinning off the cardiotracer project into a new company, we will furnish the new company with the appropriate resources to continue the clinical trials for a certain period after the split,” said Cezary Kozanecki. “The new entity 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.”

Synektik—a mature, dividend-paying company

The other business conducted by Synektik will remain within the existing company. It will 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.

According to Dariusz Korecki, VP of Synektik, “Today, Synektik is a mature, highly profitable company with the potential for further steady growth in sales and income. However, the results currently generated by Synektik are also burdened by the high costs of research on the cardiotracer, amounting to over PLN 20 million per year. Transferring this project to an independent entity will enable it to obtain other sources of financing, while allowing Synektik to strengthen its image as a company with higher profitability and predictable growth in dividend distributions.”

Two promising companies on the WSE

Following the split, both Synektik and Syn2bio will be listed on the Warsaw Stock Exchange. As part of the planned division, Synektik’s shareholders will be allocated shares in the new company proportional to the shares they hold on the reference date. The shares will be allocated via a public offering of shares, which will entail the necessity for preparation of a prospectus by Syn2bio and approval of the prospectus by the Polish Financial Supervision Authority (KNF).

According to Cezary Kozanecki, “We are at the beginning of the process aimed at dividing Synektik and listing the shares of the new company on the WSE. Assuming that the prospectus is confirmed by KNF, all corporate approvals are obtained as planned, and the proposed split wins the approval of Synektik’s general meeting, it is our intention to finalize the division in the first half of 2026. We will report on all of the key stages in executing this plan on an ongoing basis, in accordance with the rules applicable to public companies.”

***

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