Sensyne Health Ltd has set the price for its initial public offering at 175p per share, which will give the firm which uses artificial intelligence (AI) to develop medicines an initial market cap of £225mln when it floats on AIM this Friday.
In an AIM Schedule One update, Sensyne confirmed it is to raise £60mln from the sale of around 128.571mln shares, which will still see 82.5% of the company remain in private hands.
READ: Sensyne Health planning to raise £60mln via AIM IPO, according to founder Paul Drayson: Reuters
The group’s founder and chief executive officer, biotech entrepreneur Paul Drayson and his wife, Elspeth will see their separate holdings in the firm reduced by dilution via the share sale, to a joint total of 29.1%, down from 39.6% currently.
Meanwhile, Woodford Investment Management – run by star manager Neil Woodford – will maintain its holding in Sensyne at 19.7%, and Lansdowne Partners will see its holding rise to 10.1% from 8.1%.
Trading in the shares will commence on AIM at 8am on August 17, with Peel Hunt acting as the company's broker and nominated adviser.
Oxford-based Sensyne aims to improve patient care through the analysis and commercialisation of real-world evidence from large databases of anonymised patient data in collaboration with NHS Trusts.
READ: Sensyne Health signs exclusive licence agreement for a digital health software product
In recent months, the group has announced Strategic Research Agreements (SRA) with a number of NHS Trusts in return for equity in the company.
Drayson, a peer and a former Labour government minister in the 2000’s, co-founded vaccine specialist PowderJect Pharmaceuticals in Oxford in 1993 and sold it 10 years later to US group Chiron.