Oxford-based MedTech firm OrganOx acquired for £1.2bn
- 26 August 2025
- Oxford University spin-out OrganOx has been acquired for $1.5bn (£1.2bn), representing one of the largest exits of a UK MedTech company
- The firm makes an organ preservation device that enables donor livers to be maintained outside the human body for up to 24 hours
- It has been bought by Tokyo-headquartered firm Terumo Corporation
Oxford University spin-out OrganOx has been acquired by Terumo Corporation in a $1.5bn (£1.2bn) deal, representing one of the largest exits of a UK MedTech company.
The firm, founded by Constantin Coussios and Peter Friend, makes an organ preservation device called metra, which enables donor livers to be maintained in a functioning state outside the human body for up to 24 hours.
It will continue to operate from Oxford as a standalone division within global healthcare company Terumo, following completion of the transaction.
Oern R Stuge, executive chairman of OrganOx, said: “OrganOx is a pioneer and leader in organ transplantation technology.
“Today’s announced transaction is expected to expand the adoption of our transplantation technology platform by leveraging Terumo’s global infrastructure to benefit more patients around the globe.”
OrganOx’s Normothermic Machine Perfusion (NMP) technology has been used in more than 6,000 liver transplants to preserve organs longer by circulating oxygen and nutrient rich perfusate through the organ at near-body temperature.
The technology also enables real-time monitoring of organ condition during storage and transport, to help prevent the transplantation of organs with impaired function and enabling the use of marginal donor organs.
Terumo, which is headquartered in Tokyo, Japan, is making a strategic entry into the organ transplantation-related sector to broaden access for patients in need of transplants.
Hikaru Samejima, chief executive of Terumo Corporation, said: “We are thrilled to welcome OrganOx—a leading innovator in organ preservation technology—into the Terumo Group, marking our entry into the organ transplantation field.
“Organ transplantation represents a last resort for patients with limited treatment options, and addressing the unmet needs in this area carries significant social value.
“Donated organs are an extremely precious medical resource, and OrganOx’s mission to deliver transplantable organs in optimal condition deeply resonates with our unwavering commitment to patients.”
Terumo aims to contribute to the advancement of transplantation medicine by addressing key challenges in organ transplantation, such as improving organ utilisation rates and enhancing post-transplant outcomes.
Craig Marshall, chief executive at OrganOx, said: “This transaction represents an important milestone for OrganOx and its shareholders.
“We look forward to continuing our rich history of collaboration with Terumo to continue harnessing our collective innovations to improve patient care.”
OrganOx’s biggest shareholder, growth capital investor BGF first invested in OrganOx in 2019 and has provided seven rounds of investment, including a £20m commitment in 2025.
Tim Rea, co-head of early stage investing at BGF and OrganOx board member, said: “OrganOx has transformed liver transplantation and built a world-class position in MedTech.
“In a sector where institutional capital is constrained, this exit highlights the importance and potential of patient growth capital, and a willingness to back innovation before it is de-risked — something many investors find difficult to do in this still nascent market.”
BGF has also backed other UK-based MedTech companies including Digital Health Pitchfest 2021 finalist Cyted, which uses AI-enabled diagnostics for early cancer detection; TidalSense, which develops respiratory monitoring technology; and Entia, a home blood testing platform supporting cancer care.
