Syn2bio – the newly established company to which Synektik plans to transfer its activities related to research on its cardiotracer and the future commercialization of this innovative radiopharmaceutical with global sales potential – has submitted its prospectus to the Polish Financial Supervision Authority (KNF). This marks another important milestone in the process of dividing Synektik into two independent companies.
The prospectus was prepared in connection with the planned issuance of division shares in Syn2bio, which will be allocated to existing Synektik shareholders. Both companies will be listed on the Warsaw Stock Exchange. The management board intends to finalize the split in the first half of 2026.
“We are consistently working toward dividing Synektik into two independent companies conducting distinct business activities and appealing to different types of investors. Transferring our research activities on the cardiotracer – our flagship R&D project – to Syn2bio will allow us to secure new sources of funding. This will enable us to commercialize the cardiotracer at the most advantageous moment, i.e., upon completion of Phase III clinical trials or even after final product registration by the U.S. FDA and the European Medicines Agency (EMA),” says Cezary Kozanecki, founder and President of Synektik.
“Meanwhile, Synektik – whose results have been burdened by R&D expenses – will be able to achieve higher profitability and pay higher dividends following the division. Separating these different activities will also enable investors to evaluate each company independently and more accurately, fully reflecting their respective potentials. We are convinced this will ultimately increase their value,” adds Kozanecki.
Rationale Behind Synektik’s Corporate Split
Synektik is a provider of advanced medical technologies, including innovative medical devices and IT solutions, as well as a leading Polish manufacturer of radiopharmaceuticals. Under the planned split, a portion of the company’s R&D activities related to the development of new pharmaceutical molecules – in particular research on the cardiotracer – will be transferred to Syn2bio. The cardiotracer is an innovative radiopharmaceutical designed for myocardial perfusion imaging and the diagnosis of coronary artery disease.
The cardiotracer represents Synektik’s flagship research project with significant global market potential. The company holds exclusive rights to produce and sell this tracer worldwide. It is already protected by patents in key markets including Europe and Japan, and the patent application process is underway in the United States. Synektik has successfully completed Phase I and Phase II clinical trials and is now in the advanced stages of Phase III – the final clinical phase. Successful completion will allow for the initiation of the registration process in Europe and the United States, necessary for commercial market entry.
Syn2bio will continue the clinical development and later focus on commercialization. Its future revenues are expected to come primarily from partnership agreements, such as licensing the production of the cardiotracer to third parties in Western Europe and the United States, as well as potential in-house production. According to the company, the United States – where approximately seven million myocardial perfusion studies are performed annually – represents the most promising market. Europe is the second-largest potential market.
Until the division is finalized, the cardiotracer’s clinical trials will continue to be funded by Synektik. Additionally, Synektik will provide Syn2bio with sufficient capital to continue research for 12–14 months following KNF approval of the prospectus. The total funding provided by Synektik amounts to 50 million PLN (calculated from the valuation date for the purposes of the division, i.e., 30 June 2025, and included in the valuation). Syn2bio will also be able to apply for grants, subsidies, and R&D programs available to SMEs – funding sources that are not accessible to Synektik as a large enterprise.
The new structure will also facilitate access to investors – particularly industry investors – who are interested in high-risk, high-reward ventures focused on developing pharmaceutical molecules. This, in turn, opens opportunities for identifying new research projects and accelerating commercialization on more favorable terms than would be possible under Synektik’s current funding model.
All remaining activities will remain within Synektik, including distribution and servicing of innovative medical devices (such as da Vinci robotic systems, for which Synektik is the exclusive distributor in Poland, the Czech Republic, Slovakia, and the Baltic countries), development of proprietary medical IT solutions, production and sale of radiopharmaceuticals, and R&D focused on developing generic versions of existing radiopharmaceuticals that do not require lengthy clinical trials.
Division Expected to Be Finalized in the First Half of 2026
Syn2bio aims to obtain KNF approval of its prospectus in the early months of 2026, paving the way for the division to be completed by mid-year.
The valuation of Synektik, including the segment being carved out into Syn2bio, has already been finalized by the independent firm mInvestment Banking. As of 30 June 2025, the total value of Synektik was estimated at approximately 2.11 billion PLN (247.54 PLN per share), of which the transferred assets account for approximately 163 million PLN (19.14 PLN per share), representing around 7.73% of total value.
As part of the planned division, Synektik shareholders will receive Syn2bio shares on a 1:1 basis. This means that for each Synektik share held on the designated reference day, investors will automatically receive one Syn2bio share. No additional action will be required from shareholders. The reference day will be set by the Central Securities Depository of Poland (KDPW) after KNF approves the Syn2bio prospectus.
Following the last session during which investors can acquire Synektik shares entitling them to division shares (two business days before the reference date), the reference price for the next trading session will be reduced by the value of the carved-out activities (about 7.73%). This amount will simultaneously serve as the reference price for Syn2bio shares on their first trading day on the Warsaw Stock Exchange.
