British AI HealthTech firm Sensyne Health has signed its first major drug development agreement with German multinational pharmaceutical and life sciences company Bayer.

The two-year collaboration is designed to accelerate the clinical development of new treatments for cardiovascular disease using Sensyne Health’s AI tech platform.

The initial agreement will generate revenues for the listed firm of £5m across the two-year collaboration.

Sensyne Health's partner NHS trusts will receive a 4 per cent share of all revenues generated by Sensyne Health under the collaboration, in addition to the NHS Trust's existing shareholdings in the HealthTech firm.

The Oxford-based firm said that the NHS remains the controller of NHS patient data, and no data is sold or transferred to a third party.

Instead the firm’s tech acts as what it describes a 'docking station' for the analysis of anonymised patient data on behalf of its commercial partners, under strict ethical control.

This ensures appropriate ethical oversight and information governance are applied, including conformance with NHS principles, EU data protection law and applicable regulatory guidance.

"We are delighted to announce this new agreement with Bayer, which aims to accelerate the clinical development of new treatments for cardiovascular disease, a clinical priority for the NHS, using Sensyne Health's proprietary clinical AI technology platform,” said Lord Paul Drayson PhD, CEO of Sensyne Health.

The NHS Long Term Plan has identified cardiovascular disease as a clinical priority and the leading condition where lives can be saved by the NHS over the next 10 years.

The disease currently affects 7 million people in the UK and accounts for one in four premature deaths.

Sensyne Health was listed on BusinessCloud’s 101 HealthTech Innovators.

In an interview with BusinessCloud last year, Lord Drayson spoke about his ambitions to build world-leading technology company.