Terumo to acquire OrganOx in landmark deal expanding opportunities for organ transplantation worldwide
ARC Oxford members and Oxford University spinout OrganOx has been acquired by Tokyo based Terumo in USD $1.5 billion deal*1.
Founded in 2008 by Professor Peter Friend and Professor Constantin Coussios, OrganOx is a pioneering medical technology company specialising in advanced organ preservation devices for Normothermic Machine Perfusion (NMP). NMP and other ex-vivo machine perfusion (EVMP) technologies can preserve organs longer by circulating oxygen and nutrient rich perfusate through the organ at near-body temperature. In addition, NMP devices enable real-time monitoring of organ condition during storage and transport. This aims to help prevent the transplantation of organs with impaired function – with the goal of improving transplant success rates – as well as leading to a more effective use of organ from marginal donors.
The acquisition marks Terumo’s strategic entry into the organ transplantation-related sector – a field with significant unmet medial needs and strong growth potential. By combining Terumo’s long-standing expertise in designing medical devices and equipment with OrganOx’s advanced capabilities in NMP, the Company aims to deliver innovative organ preservation devices globally. Terumo seeks to broaden access for patients in need of transplants and contribute to the advancement of transplantation medicine, by aiming to address key challenges in organ transplantation, including improving organ utilisation rates, enabling the use of marginal donor*2 organs, enhancing post-transplant outcomes, and reducing the burden on healthcare professionals through minimising night-time and emergency procedures.
“OrganOx is a pioneer and leader in organ transplantation technology,” said Oern R. Stuge MD, MBA, and Executive Chairman of OrganOx. “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.”
Terumo has built a strong relationship with OrganOx through active collaboration over the years and strengthened this partnership through a strategic investment made in March 2025 via its corporate venture capital arm, Terumo Ventures.
“This transaction represents an important milestone for OrganOx and its shareholders,” said Craig Marshall, Chief Executive Officer of OrganOx. “We look forward to continuing our rich history of collaboration with Terumo to continue harnessing our collective innovations to improve patient care.”
OrganOx’s liver NMP device, metra, received FDA approval in 2021 and was launched in the US market in 2022. The device has also obtained regulatory approvals in the EU, UK, Australia, and Canada, and is currently being commercialised in all these regions. To date, the device has been used in over 6,000 liver transplant procedures worldwide.
“Our NMP technology uniquely addresses the quadruple aim of healthcare by benefiting patients, healthcare providers, population health, and the cost of care,” said Steve Deitsch, OrganOx’s Chief Financial Officer. “Thank you to our top tier group of investors, including among others Business Growth Fund (BGF), Lauxera Capital, HealthQuest Capital, Sofina, Oxford University, Longwall Ventures, Technikos, Oxford Investment Consultants, and Intuitive Ventures who provided both the capital and leadership to enable the value creation inherent in today’s announced $1.5 billion transaction.”
Perella Weinberg Partners and Piper Sandler served as OrganOx’s financial advisors and Latham & Watkins acted as legal counsel to OrganOx in this transaction.
Alongside OrganOx, ARC Oxford is home to the likes of OMass Therapeutics, which is identifying new medicines against highly validated but inadequately drugged targets, Ivy Farm, which is using bioengineering technology to make sustainable meat and FluoRok, which is focused on reinventing fluorination.
*1 This figure is a preliminary estimate as of today. The final transaction value will be determined upon completion of the acquisition, following adjustments for OrganOx’s cash and cash equivalents, interest-bearing debt, and working capital.
*2 Marginal donors are individuals who fall outside the standard criteria for organ donation—due to factors such as advanced age, pre-existing medical conditions, or donation following cardiac death. Expanding the use of organs from marginal donors is expected to increase the availability of transplantable organs and contribute to reducing the number of patients on transplant waiting lists.
Photo credit: University of Oxford
