OrganOx, the University of Oxford spinout that developed groundbreaking organ preservation technology, has been acquired by global healthcare giant Terumo Corporation in a deal valued at approximately $1.5 billion. The transaction marks one of the largest medtech exits in UK history and represents BGF’s largest-ever return, generating £175 million in proceeds and a 10x multiple on their initial investment.
OrganOx’s flagship product, the metra device, is the world’s first fully automated normothermic machine perfusion (NMP) system for donor livers. It maintains livers in a functioning state outside the body for up to 24 hours, enabling real-time functional assessment and substantially increasing the number of viable organs available for transplant.
The technology has been used in over 6,000 liver transplants worldwide, improving patient outcomes.
From university spinout to market leader
Founded in 2008 by transplant surgeon Professor Peter Friend and biomedical engineer Professor Constantin Coussios, OrganOx was born out of a vision to tackle the world’s organ shortage crisis and improve transplant success rates.
With BGF as its largest investor since 2019, the company secured funding through seven investment rounds, fueling expansion into key markets such as the US, Europe, Canada, and Australia.
OrganOx’s leadership team, led by CEO Craig Marshall, CFO Stephen Deitsch, and Global Chief Commercial Officer Rupa Basu, successfully navigated the company through regulatory approvals, global commercialisation, and operational scaling.
Technology that rewrites organ preservation
OrganOx is advancing a kidney NMP device expected to launch commercially by 2030, reflecting its broader mission to increase utilisation of donor organs, including those from marginal donors, who historically have higher rates of discard.
The partnership with Terumo is designed to tackle key challenges in transplantation, including improving organ utilisation rates, enhancing post-transplant outcomes, and reducing the burden on healthcare professionals by minimising emergency procedures.
The transaction was finalised following board approvals on August 20 and the definitive acquisition agreement dated August 23, 2025. Financial advisory for the deal was provided by Perella Weinberg Partners and Piper Sandler, with legal advisory from Latham & Watkins.
