LONDON (Reuters) - New York-based Acacia Research Corporation said on Tuesday it had acquired an 11.8% stake in UK-listed artificial intelligence healthcare company Sensyne Health (L:SENSS).
Acacia which earlier this year started a partnership with activist investment firm Starboard Value, purchased the stake from the LF Equity Income fund.
Clifford Press, Acacia's chief executive officer, noted the "extraordinary potential of Sensyne's business model" based on using clinical AI to improve patient care and develop new medicines.
Hedge funds Lansdowne Partners and Gatemore Capital Management also hold positions in Sensyne Health, according to Refinitiv data. Gatemore managing partner and CIO Liad Meidar said the expectation was that Sensyne shares would trade at 300-400 pence each within three years.
Shres in the AIM-listed company were trading at 60 pence on Tuesday, down 0.8% on the day.