Terumo has signed an agreement to acquire OrganOx, an Oxford-based company that develops organ preservation devices. Upon completion, OrganOx will operate as a wholly owned subsidiary of Terumo.

Contentlockr

Tokyo’s medtech company Terumo has signed an agreement to acquire OrganOx, an Oxford-based company specialising in organ preservation devices. 

The agreement includes the purchase of all outstanding shares of OrganOx from its shareholders. Once the acquisition is completed, OrganOx will operate as a wholly owned subsidiary of Terumo.

The transaction is valued at about $1.5B. The final amount, however, will be set at completion.

Advancing organ preservation

OrganOx was founded in 2008 by Professor Peter Friend and Professor Constantin Coussios as a spin-off from the University of Oxford. The company develops organ preservation devices for Normothermic Machine Perfusion (NMP). 

The devices preserve organs by circulating oxygen and nutrient-rich perfusate through the organ at near-body temperature and allow functional assessment prior to transplant.

OrganOx’s liver NMP device, metra, received FDA approval in 2021 and was launched in the US in 2022. The device has also received regulatory approvals in the EU, UK, Australia, and Canada and is being commercialised in these regions. It has been used in over 6,000 liver transplant procedures worldwide.

Steve Deitsch, OrganOx’s CFO, says, “Our NMP technology uniquely addresses the quadruple aim of healthcare by benefiting patients, healthcare providers, population health, and the cost of care.”

“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 $1.5B transaction,” adds Deitsch.

Aim of the acquisition

Terumo’s acquisition of OrganOx represents its entry into the organ transplantation sector. The company plans to combine its experience in medical devices with OrganOx’s NMP technology to provide organ preservation devices globally. 

Terumo aims to expand access to transplants and address challenges in the field, including improving organ use, enabling the use of marginal donor organs, supporting post-transplant outcomes, and reducing the workload on healthcare professionals by limiting nighttime and emergency procedures.

“OrganOx is a pioneer and leader in organ transplantation technology,” says, 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 collaborated with OrganOx over several years and expanded this relationship through a strategic investment in March 2025 via its corporate venture capital arm, Terumo Ventures.

Craig Marshall, CEO of OrganOx, adds, “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.”

Brief about Terumo

Terumo has been operating in the medical technology sector for 100 years. It employs more than 30,000 people and provides medical solutions in over 160 countries and regions. 

The company began as a thermometer manufacturer and now offers products and services across vascular intervention, cardio-surgical solutions, blood transfusion and cell therapy technology, and clinical products including transfusion systems, diabetes care, and peritoneal dialysis treatments. 

Terumo aims to support patients, medical professionals, and healthcare systems globally.