Terumo to Acquire UK’s Medical Tech Firm OrganOx

Tokyo-listed Terumo Corporation has signed an agreement with OrganOx Limited, a leading innovator in organ preservation devices, and its shareholders to acquire all outstanding shares of OrganOx for $1.5 Billion. Upon completion of the transaction, the UK-based OrganOx will become a wholly owned subsidiary of Terumo.

Founded in 2008 by Prof. Peter Friend and Prof. Constantin Coussios as a spin-off from the University of Oxford, 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 organs from marginal donors.

The acquisition marks Terumo’s strategic entry into the organ transplantation-related sector, a field with significant unmet medical 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, Terumo aims to deliver innovative organ preservation devices globally.

The company also 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 organs, enhancing post-transplant outcomes, and reducing the burden on healthcare professionals through minimising night time and emergency procedures.

Beneficial to More Patients

OrganOx Managing Director and Executive Chairman Oern R. Stuge said that his company has been a pioneer and leader in organ transplantation technology. The transaction is expected to expand the adoption of their transplantation technology platform by leveraging Terumo’s global infrastructure to benefit more patients around the globe, he said.

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.

OrganOx CEO Craig Marshall said that this transaction represents an important milestone his company and its shareholders and they were looking forward to continuing their rich history of collaboration with Terumo to continue harnessing OrganOX’s 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, the 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.

OrganOx’s Chief Financial Officer Steve Deitsch said that their NMP technology uniquely addresses the quadruple aim of healthcare by benefiting patients, healthcare providers, population health, and the cost of care.

Thanks to the 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 transaction, he added.