(Reuters) -Sensyne Health started a formal sale process on Tuesday, after top boss and biggest shareholder Paul Drayson told the board he wants to pursue a potential management buyout of the British artificial intelligence healthcare firm.
The company appointed J.P. Morgan Cazenove and Peel Hunt to explore options, including equity investments and a secondary U.S. listing.
Shares of Sensyne, which uses technology to analyse anonymous patient medical data to develop new medicines and improve patient care, jumped 9% to 100 pence in early trade, giving it a market value of nearly 165 million pounds ($225.21 million).
The Oxford-based company said its current market value fails to reflect the electronic patient record (EPR) health data it has access to via its partnership with UK NHS Trusts and U.S. hospitals.
"The board is fully aligned with Drayson's proposal to explore a management buy-out as one route towards maximising value for all stakeholders," Sensyne Chairman Bruce Keogh said.
The company has access to 22.5 million EPRs and the potential to access another 22 million U.S. patient records through its agreement with healthcare company OMNY Inc.
CEO Drayson has a 12.2% stake in Sensyne, according to Refinitiv Eikon data.
($1 = 0.7327 pounds)