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Press release

Strategic update and commencement of Formal Sale Process

Oxford, U.K., 2 November 2021: Sensyne Health plc (LSE: SENS) (“Sensyne” or the “Company” or the “Group”), the ethical clinical AI company, today provides an update to the strategic announcement on 19 July 2021. 

November 2, 2021

The Company’s Chief Executive Officer and its largest shareholder, Lord Paul Drayson, has approached the Sensyne Board requesting approval to speak to potential third party investors in order to pursue a potential management buyout of the Company. In order to maximise value for all of the Company’s shareholders, the Board has appointed J.P. Morgan Cazenove and Peel Hunt to consider a management buyout proposal (“MBO”) (should one be forthcoming) and explore other buyer interest alongside considering other strategic options that would allow Sensyne to scale more rapidly, with these including strategic investment or the continued pursuit of a secondary US listing. 

The Board believes that the current market value of the Company does not reflect the fair value of the electronic patient record (“EPR”) health data to which the Company has access through its strategic partnership agreements with UK NHS Trusts and US health systems. Being undervalued means that Sensyne cannot execute on opportunities that may create novel treatments for patients. The Company currently has access to a data set of 22.5 million such records and has through its agreement with OMNY Inc the potential to access a further 22 million US patient records, and access to approximately 42 million clinical trial records through its agreement with Phesi Inc. 

The Board intends to seek an outcome which respects the unique heritage and culture of the Group, its commitment to the ethical application of clinical AI to patient data and enables the Company to deliver maximum value to all stakeholders and continue to prosper in the long-term. 

Since inception, and more recently since the IPO, Sensyne has developed significant AI and data science expertise through its collaborations with NHS Trusts, academic institutions and pharma groups, and has established access to significant patient data on an anonymised basis through agreements with multiple UK NHS Trusts and US Healthcare systems. By applying AI and machine learning methods to what the Company sees as one of the deepest, longitudinal patient datasets in healthcare, Sensyne generates new and otherwise unidentifiable insights of value to advance patient care and pharmaceutical research. 

Through its Life Sciences and Healthcare Products divisions, Sensyne works towards connecting patients, clinicians and researchers, which collectively helps healthcare professionals deliver better patient care while curating vital data to support the next generation of medical research. In 2021, Sensyne has launched SENSIGHT, a desktop application which allows the process of interrogating large scale, longitudinal patient datasets to be done on an automated basis, allowing a step-change in utility and speed for pharmaceutical companies, medical researchers and health care practitioners. In addition, Sensyne, along with its partner Excalibur Healthcare Services, has developed MagnifEye, a deep learning algorithm capable of objectively reading COVID-19 lateral flow tests with extremely high accuracy. MagnifEye has received European regulatory certification. 

Sir Bruce Keogh, Non-Executive Chairman of Sensyne, commented: 

“Sensyne has initiated a formal sale process as we believe it will help the Company to deliver maximum value to all shareholders and prosper in the long-term. The Board is fully aligned with Lord Drayson’s proposal to explore a management buy-out as one route towards maximising value for all stakeholders while respecting our heritage and unique, ethical business model. We recognise Paul’s continued motivation and commitment towards the success of the business. 
“Additionally, as part of the Board’s duty to act on behalf of all shareholders, the Board will also consider other options that may include strategic equity investment or continued exploration of a secondary US listing.” 

Lord (Paul) Drayson PhD FREng, Founder and Chief Executive Officer of Sensyne, commented: 

I have initiated this MBO process as a major shareholder of the Company with a focus on ensuring that Sensyne can realise its mission to become the leader in the ethical application of clinical AI to health data and maximise value for all stakeholders, including the NHS. My goal, working with the world- leading Sensyne team, remains consistent: to improve patient care and accelerate medical research and achieve fair value more effectively.” 

J.P. Morgan Cazenove and Peel Hunt are acting as joint financial advisers to the Company in relation to the process. 

Formal sale process 

The Takeover Panel has agreed that any discussions with any third parties (including those with Lord Paul Drayson) will take place within the context of a "formal sale process" as defined in The Takeover Code (the "Code") in order to enable conversations with parties interested in making such a proposal to take place on a confidential basis. Parties with a potential interest in making an offer for Sensyne should contact J.P. Morgan Cazenove or Peel Hunt.

Any interested party will be required to enter into a non-disclosure and standstill agreement with the Company on terms satisfactory to the Board and on the same terms, in all material respects, as any other interested parties, before being permitted to participate in the process. The Board reserves the right to reject any approach or terminate discussions with any interested party or participant at any time. 

Neither the Company nor Lord Paul Drayson are currently in discussions with any potential offeror or are in receipt of a possible offer for the Company. The Board reserves the right to alter any aspect of the process or to terminate it at any time and will make further announcements as appropriate. There can be no certainty that any offer will be made for the Company, or even proposed, or as to the terms of any proposal or offer that may be made. 

The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party (including any proposal from Lord Paul Drayson) participating in the formal sale process will not be required to be publicly identified (subject to note 3 to Rule 2.2 of the Code) and will not be subject to the 28-day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process. Following this announcement, the Company is now considered to be in an "offer period" as defined in the Code, and the dealing disclosure requirements listed below will apply. The Company is not in receipt of any approaches and is not in discussions with any potential offeror at the time of this announcement. 

Press release

Strategic update and commencement of Formal Sale Process

November 2, 2021
Oxford, U.K., 2 November 2021: Sensyne Health plc (LSE: SENS) (“Sensyne” or the “Company” or the “Group”), the ethical clinical AI company, today provides an update to the strategic announcement on 19 July 2021. 

The Company’s Chief Executive Officer and its largest shareholder, Lord Paul Drayson, has approached the Sensyne Board requesting approval to speak to potential third party investors in order to pursue a potential management buyout of the Company. In order to maximise value for all of the Company’s shareholders, the Board has appointed J.P. Morgan Cazenove and Peel Hunt to consider a management buyout proposal (“MBO”) (should one be forthcoming) and explore other buyer interest alongside considering other strategic options that would allow Sensyne to scale more rapidly, with these including strategic investment or the continued pursuit of a secondary US listing. 

The Board believes that the current market value of the Company does not reflect the fair value of the electronic patient record (“EPR”) health data to which the Company has access through its strategic partnership agreements with UK NHS Trusts and US health systems. Being undervalued means that Sensyne cannot execute on opportunities that may create novel treatments for patients. The Company currently has access to a data set of 22.5 million such records and has through its agreement with OMNY Inc the potential to access a further 22 million US patient records, and access to approximately 42 million clinical trial records through its agreement with Phesi Inc. 

The Board intends to seek an outcome which respects the unique heritage and culture of the Group, its commitment to the ethical application of clinical AI to patient data and enables the Company to deliver maximum value to all stakeholders and continue to prosper in the long-term. 

Since inception, and more recently since the IPO, Sensyne has developed significant AI and data science expertise through its collaborations with NHS Trusts, academic institutions and pharma groups, and has established access to significant patient data on an anonymised basis through agreements with multiple UK NHS Trusts and US Healthcare systems. By applying AI and machine learning methods to what the Company sees as one of the deepest, longitudinal patient datasets in healthcare, Sensyne generates new and otherwise unidentifiable insights of value to advance patient care and pharmaceutical research. 

Through its Life Sciences and Healthcare Products divisions, Sensyne works towards connecting patients, clinicians and researchers, which collectively helps healthcare professionals deliver better patient care while curating vital data to support the next generation of medical research. In 2021, Sensyne has launched SENSIGHT, a desktop application which allows the process of interrogating large scale, longitudinal patient datasets to be done on an automated basis, allowing a step-change in utility and speed for pharmaceutical companies, medical researchers and health care practitioners. In addition, Sensyne, along with its partner Excalibur Healthcare Services, has developed MagnifEye, a deep learning algorithm capable of objectively reading COVID-19 lateral flow tests with extremely high accuracy. MagnifEye has received European regulatory certification. 

Sir Bruce Keogh, Non-Executive Chairman of Sensyne, commented: 

“Sensyne has initiated a formal sale process as we believe it will help the Company to deliver maximum value to all shareholders and prosper in the long-term. The Board is fully aligned with Lord Drayson’s proposal to explore a management buy-out as one route towards maximising value for all stakeholders while respecting our heritage and unique, ethical business model. We recognise Paul’s continued motivation and commitment towards the success of the business. 
“Additionally, as part of the Board’s duty to act on behalf of all shareholders, the Board will also consider other options that may include strategic equity investment or continued exploration of a secondary US listing.” 

Lord (Paul) Drayson PhD FREng, Founder and Chief Executive Officer of Sensyne, commented: 

I have initiated this MBO process as a major shareholder of the Company with a focus on ensuring that Sensyne can realise its mission to become the leader in the ethical application of clinical AI to health data and maximise value for all stakeholders, including the NHS. My goal, working with the world- leading Sensyne team, remains consistent: to improve patient care and accelerate medical research and achieve fair value more effectively.” 

J.P. Morgan Cazenove and Peel Hunt are acting as joint financial advisers to the Company in relation to the process. 

Formal sale process 

The Takeover Panel has agreed that any discussions with any third parties (including those with Lord Paul Drayson) will take place within the context of a "formal sale process" as defined in The Takeover Code (the "Code") in order to enable conversations with parties interested in making such a proposal to take place on a confidential basis. Parties with a potential interest in making an offer for Sensyne should contact J.P. Morgan Cazenove or Peel Hunt.

Any interested party will be required to enter into a non-disclosure and standstill agreement with the Company on terms satisfactory to the Board and on the same terms, in all material respects, as any other interested parties, before being permitted to participate in the process. The Board reserves the right to reject any approach or terminate discussions with any interested party or participant at any time. 

Neither the Company nor Lord Paul Drayson are currently in discussions with any potential offeror or are in receipt of a possible offer for the Company. The Board reserves the right to alter any aspect of the process or to terminate it at any time and will make further announcements as appropriate. There can be no certainty that any offer will be made for the Company, or even proposed, or as to the terms of any proposal or offer that may be made. 

The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party (including any proposal from Lord Paul Drayson) participating in the formal sale process will not be required to be publicly identified (subject to note 3 to Rule 2.2 of the Code) and will not be subject to the 28-day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process. Following this announcement, the Company is now considered to be in an "offer period" as defined in the Code, and the dealing disclosure requirements listed below will apply. The Company is not in receipt of any approaches and is not in discussions with any potential offeror at the time of this announcement. 

Press release

Strategic update and commencement of Formal Sale Process

Strategic update and commencement of Formal Sale Process

November 2, 2021
Oxford, U.K., 2 November 2021: Sensyne Health plc (LSE: SENS) (“Sensyne” or the “Company” or the “Group”), the ethical clinical AI company, today provides an update to the strategic announcement on 19 July 2021. 

The Company’s Chief Executive Officer and its largest shareholder, Lord Paul Drayson, has approached the Sensyne Board requesting approval to speak to potential third party investors in order to pursue a potential management buyout of the Company. In order to maximise value for all of the Company’s shareholders, the Board has appointed J.P. Morgan Cazenove and Peel Hunt to consider a management buyout proposal (“MBO”) (should one be forthcoming) and explore other buyer interest alongside considering other strategic options that would allow Sensyne to scale more rapidly, with these including strategic investment or the continued pursuit of a secondary US listing. 

The Board believes that the current market value of the Company does not reflect the fair value of the electronic patient record (“EPR”) health data to which the Company has access through its strategic partnership agreements with UK NHS Trusts and US health systems. Being undervalued means that Sensyne cannot execute on opportunities that may create novel treatments for patients. The Company currently has access to a data set of 22.5 million such records and has through its agreement with OMNY Inc the potential to access a further 22 million US patient records, and access to approximately 42 million clinical trial records through its agreement with Phesi Inc. 

The Board intends to seek an outcome which respects the unique heritage and culture of the Group, its commitment to the ethical application of clinical AI to patient data and enables the Company to deliver maximum value to all stakeholders and continue to prosper in the long-term. 

Since inception, and more recently since the IPO, Sensyne has developed significant AI and data science expertise through its collaborations with NHS Trusts, academic institutions and pharma groups, and has established access to significant patient data on an anonymised basis through agreements with multiple UK NHS Trusts and US Healthcare systems. By applying AI and machine learning methods to what the Company sees as one of the deepest, longitudinal patient datasets in healthcare, Sensyne generates new and otherwise unidentifiable insights of value to advance patient care and pharmaceutical research. 

Through its Life Sciences and Healthcare Products divisions, Sensyne works towards connecting patients, clinicians and researchers, which collectively helps healthcare professionals deliver better patient care while curating vital data to support the next generation of medical research. In 2021, Sensyne has launched SENSIGHT, a desktop application which allows the process of interrogating large scale, longitudinal patient datasets to be done on an automated basis, allowing a step-change in utility and speed for pharmaceutical companies, medical researchers and health care practitioners. In addition, Sensyne, along with its partner Excalibur Healthcare Services, has developed MagnifEye, a deep learning algorithm capable of objectively reading COVID-19 lateral flow tests with extremely high accuracy. MagnifEye has received European regulatory certification. 

Sir Bruce Keogh, Non-Executive Chairman of Sensyne, commented: 

“Sensyne has initiated a formal sale process as we believe it will help the Company to deliver maximum value to all shareholders and prosper in the long-term. The Board is fully aligned with Lord Drayson’s proposal to explore a management buy-out as one route towards maximising value for all stakeholders while respecting our heritage and unique, ethical business model. We recognise Paul’s continued motivation and commitment towards the success of the business. 
“Additionally, as part of the Board’s duty to act on behalf of all shareholders, the Board will also consider other options that may include strategic equity investment or continued exploration of a secondary US listing.” 

Lord (Paul) Drayson PhD FREng, Founder and Chief Executive Officer of Sensyne, commented: 

I have initiated this MBO process as a major shareholder of the Company with a focus on ensuring that Sensyne can realise its mission to become the leader in the ethical application of clinical AI to health data and maximise value for all stakeholders, including the NHS. My goal, working with the world- leading Sensyne team, remains consistent: to improve patient care and accelerate medical research and achieve fair value more effectively.” 

J.P. Morgan Cazenove and Peel Hunt are acting as joint financial advisers to the Company in relation to the process. 

Formal sale process 

The Takeover Panel has agreed that any discussions with any third parties (including those with Lord Paul Drayson) will take place within the context of a "formal sale process" as defined in The Takeover Code (the "Code") in order to enable conversations with parties interested in making such a proposal to take place on a confidential basis. Parties with a potential interest in making an offer for Sensyne should contact J.P. Morgan Cazenove or Peel Hunt.

Any interested party will be required to enter into a non-disclosure and standstill agreement with the Company on terms satisfactory to the Board and on the same terms, in all material respects, as any other interested parties, before being permitted to participate in the process. The Board reserves the right to reject any approach or terminate discussions with any interested party or participant at any time. 

Neither the Company nor Lord Paul Drayson are currently in discussions with any potential offeror or are in receipt of a possible offer for the Company. The Board reserves the right to alter any aspect of the process or to terminate it at any time and will make further announcements as appropriate. There can be no certainty that any offer will be made for the Company, or even proposed, or as to the terms of any proposal or offer that may be made. 

The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party (including any proposal from Lord Paul Drayson) participating in the formal sale process will not be required to be publicly identified (subject to note 3 to Rule 2.2 of the Code) and will not be subject to the 28-day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process. Following this announcement, the Company is now considered to be in an "offer period" as defined in the Code, and the dealing disclosure requirements listed below will apply. The Company is not in receipt of any approaches and is not in discussions with any potential offeror at the time of this announcement. 

Press release

Strategic update and commencement of Formal Sale Process

Strategic update and commencement of Formal Sale Process

Oxford, U.K., 2 November 2021: Sensyne Health plc (LSE: SENS) (“Sensyne” or the “Company” or the “Group”), the ethical clinical AI company, today provides an update to the strategic announcement on 19 July 2021. 

The Company’s Chief Executive Officer and its largest shareholder, Lord Paul Drayson, has approached the Sensyne Board requesting approval to speak to potential third party investors in order to pursue a potential management buyout of the Company. In order to maximise value for all of the Company’s shareholders, the Board has appointed J.P. Morgan Cazenove and Peel Hunt to consider a management buyout proposal (“MBO”) (should one be forthcoming) and explore other buyer interest alongside considering other strategic options that would allow Sensyne to scale more rapidly, with these including strategic investment or the continued pursuit of a secondary US listing. 

The Board believes that the current market value of the Company does not reflect the fair value of the electronic patient record (“EPR”) health data to which the Company has access through its strategic partnership agreements with UK NHS Trusts and US health systems. Being undervalued means that Sensyne cannot execute on opportunities that may create novel treatments for patients. The Company currently has access to a data set of 22.5 million such records and has through its agreement with OMNY Inc the potential to access a further 22 million US patient records, and access to approximately 42 million clinical trial records through its agreement with Phesi Inc. 

The Board intends to seek an outcome which respects the unique heritage and culture of the Group, its commitment to the ethical application of clinical AI to patient data and enables the Company to deliver maximum value to all stakeholders and continue to prosper in the long-term. 

Since inception, and more recently since the IPO, Sensyne has developed significant AI and data science expertise through its collaborations with NHS Trusts, academic institutions and pharma groups, and has established access to significant patient data on an anonymised basis through agreements with multiple UK NHS Trusts and US Healthcare systems. By applying AI and machine learning methods to what the Company sees as one of the deepest, longitudinal patient datasets in healthcare, Sensyne generates new and otherwise unidentifiable insights of value to advance patient care and pharmaceutical research. 

Through its Life Sciences and Healthcare Products divisions, Sensyne works towards connecting patients, clinicians and researchers, which collectively helps healthcare professionals deliver better patient care while curating vital data to support the next generation of medical research. In 2021, Sensyne has launched SENSIGHT, a desktop application which allows the process of interrogating large scale, longitudinal patient datasets to be done on an automated basis, allowing a step-change in utility and speed for pharmaceutical companies, medical researchers and health care practitioners. In addition, Sensyne, along with its partner Excalibur Healthcare Services, has developed MagnifEye, a deep learning algorithm capable of objectively reading COVID-19 lateral flow tests with extremely high accuracy. MagnifEye has received European regulatory certification. 

Sir Bruce Keogh, Non-Executive Chairman of Sensyne, commented: 

“Sensyne has initiated a formal sale process as we believe it will help the Company to deliver maximum value to all shareholders and prosper in the long-term. The Board is fully aligned with Lord Drayson’s proposal to explore a management buy-out as one route towards maximising value for all stakeholders while respecting our heritage and unique, ethical business model. We recognise Paul’s continued motivation and commitment towards the success of the business. 
“Additionally, as part of the Board’s duty to act on behalf of all shareholders, the Board will also consider other options that may include strategic equity investment or continued exploration of a secondary US listing.” 

Lord (Paul) Drayson PhD FREng, Founder and Chief Executive Officer of Sensyne, commented: 

I have initiated this MBO process as a major shareholder of the Company with a focus on ensuring that Sensyne can realise its mission to become the leader in the ethical application of clinical AI to health data and maximise value for all stakeholders, including the NHS. My goal, working with the world- leading Sensyne team, remains consistent: to improve patient care and accelerate medical research and achieve fair value more effectively.” 

J.P. Morgan Cazenove and Peel Hunt are acting as joint financial advisers to the Company in relation to the process. 

Formal sale process 

The Takeover Panel has agreed that any discussions with any third parties (including those with Lord Paul Drayson) will take place within the context of a "formal sale process" as defined in The Takeover Code (the "Code") in order to enable conversations with parties interested in making such a proposal to take place on a confidential basis. Parties with a potential interest in making an offer for Sensyne should contact J.P. Morgan Cazenove or Peel Hunt.

Any interested party will be required to enter into a non-disclosure and standstill agreement with the Company on terms satisfactory to the Board and on the same terms, in all material respects, as any other interested parties, before being permitted to participate in the process. The Board reserves the right to reject any approach or terminate discussions with any interested party or participant at any time. 

Neither the Company nor Lord Paul Drayson are currently in discussions with any potential offeror or are in receipt of a possible offer for the Company. The Board reserves the right to alter any aspect of the process or to terminate it at any time and will make further announcements as appropriate. There can be no certainty that any offer will be made for the Company, or even proposed, or as to the terms of any proposal or offer that may be made. 

The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party (including any proposal from Lord Paul Drayson) participating in the formal sale process will not be required to be publicly identified (subject to note 3 to Rule 2.2 of the Code) and will not be subject to the 28-day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process. Following this announcement, the Company is now considered to be in an "offer period" as defined in the Code, and the dealing disclosure requirements listed below will apply. The Company is not in receipt of any approaches and is not in discussions with any potential offeror at the time of this announcement. 

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Press release

Strategic update and commencement of Formal Sale Process

November 2, 2021
Oxford, U.K., 2 November 2021: Sensyne Health plc (LSE: SENS) (“Sensyne” or the “Company” or the “Group”), the ethical clinical AI company, today provides an update to the strategic announcement on 19 July 2021. 

The Company’s Chief Executive Officer and its largest shareholder, Lord Paul Drayson, has approached the Sensyne Board requesting approval to speak to potential third party investors in order to pursue a potential management buyout of the Company. In order to maximise value for all of the Company’s shareholders, the Board has appointed J.P. Morgan Cazenove and Peel Hunt to consider a management buyout proposal (“MBO”) (should one be forthcoming) and explore other buyer interest alongside considering other strategic options that would allow Sensyne to scale more rapidly, with these including strategic investment or the continued pursuit of a secondary US listing. 

The Board believes that the current market value of the Company does not reflect the fair value of the electronic patient record (“EPR”) health data to which the Company has access through its strategic partnership agreements with UK NHS Trusts and US health systems. Being undervalued means that Sensyne cannot execute on opportunities that may create novel treatments for patients. The Company currently has access to a data set of 22.5 million such records and has through its agreement with OMNY Inc the potential to access a further 22 million US patient records, and access to approximately 42 million clinical trial records through its agreement with Phesi Inc. 

The Board intends to seek an outcome which respects the unique heritage and culture of the Group, its commitment to the ethical application of clinical AI to patient data and enables the Company to deliver maximum value to all stakeholders and continue to prosper in the long-term. 

Since inception, and more recently since the IPO, Sensyne has developed significant AI and data science expertise through its collaborations with NHS Trusts, academic institutions and pharma groups, and has established access to significant patient data on an anonymised basis through agreements with multiple UK NHS Trusts and US Healthcare systems. By applying AI and machine learning methods to what the Company sees as one of the deepest, longitudinal patient datasets in healthcare, Sensyne generates new and otherwise unidentifiable insights of value to advance patient care and pharmaceutical research. 

Through its Life Sciences and Healthcare Products divisions, Sensyne works towards connecting patients, clinicians and researchers, which collectively helps healthcare professionals deliver better patient care while curating vital data to support the next generation of medical research. In 2021, Sensyne has launched SENSIGHT, a desktop application which allows the process of interrogating large scale, longitudinal patient datasets to be done on an automated basis, allowing a step-change in utility and speed for pharmaceutical companies, medical researchers and health care practitioners. In addition, Sensyne, along with its partner Excalibur Healthcare Services, has developed MagnifEye, a deep learning algorithm capable of objectively reading COVID-19 lateral flow tests with extremely high accuracy. MagnifEye has received European regulatory certification. 

Sir Bruce Keogh, Non-Executive Chairman of Sensyne, commented: 

“Sensyne has initiated a formal sale process as we believe it will help the Company to deliver maximum value to all shareholders and prosper in the long-term. The Board is fully aligned with Lord Drayson’s proposal to explore a management buy-out as one route towards maximising value for all stakeholders while respecting our heritage and unique, ethical business model. We recognise Paul’s continued motivation and commitment towards the success of the business. 
“Additionally, as part of the Board’s duty to act on behalf of all shareholders, the Board will also consider other options that may include strategic equity investment or continued exploration of a secondary US listing.” 

Lord (Paul) Drayson PhD FREng, Founder and Chief Executive Officer of Sensyne, commented: 

I have initiated this MBO process as a major shareholder of the Company with a focus on ensuring that Sensyne can realise its mission to become the leader in the ethical application of clinical AI to health data and maximise value for all stakeholders, including the NHS. My goal, working with the world- leading Sensyne team, remains consistent: to improve patient care and accelerate medical research and achieve fair value more effectively.” 

J.P. Morgan Cazenove and Peel Hunt are acting as joint financial advisers to the Company in relation to the process. 

Formal sale process 

The Takeover Panel has agreed that any discussions with any third parties (including those with Lord Paul Drayson) will take place within the context of a "formal sale process" as defined in The Takeover Code (the "Code") in order to enable conversations with parties interested in making such a proposal to take place on a confidential basis. Parties with a potential interest in making an offer for Sensyne should contact J.P. Morgan Cazenove or Peel Hunt.

Any interested party will be required to enter into a non-disclosure and standstill agreement with the Company on terms satisfactory to the Board and on the same terms, in all material respects, as any other interested parties, before being permitted to participate in the process. The Board reserves the right to reject any approach or terminate discussions with any interested party or participant at any time. 

Neither the Company nor Lord Paul Drayson are currently in discussions with any potential offeror or are in receipt of a possible offer for the Company. The Board reserves the right to alter any aspect of the process or to terminate it at any time and will make further announcements as appropriate. There can be no certainty that any offer will be made for the Company, or even proposed, or as to the terms of any proposal or offer that may be made. 

The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party (including any proposal from Lord Paul Drayson) participating in the formal sale process will not be required to be publicly identified (subject to note 3 to Rule 2.2 of the Code) and will not be subject to the 28-day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process. Following this announcement, the Company is now considered to be in an "offer period" as defined in the Code, and the dealing disclosure requirements listed below will apply. The Company is not in receipt of any approaches and is not in discussions with any potential offeror at the time of this announcement.