Terumo to Acquire OrganOx in a transaction valued at $1.5 billion USD

This is a landmark transaction, being the highest value exit of an Oxford University spinout to date. It represents a significant validation of the Fund’s investment thesis: to identify and support pioneering science-based companies emerging from the University of Oxford and the wider innovation ecosystem, which can be scaled globally, and to support them through the process of regulatory approvals and commercial proof points.

OTIF and its partners have been backing OrganOx since it was founded in 2008 in multiple funding rounds, most recently in 2021, when we were one of the few supporters in a much needed round to keep operations going and build the sales team prior to receiving FDA approval. As a result, we were the third largest shareholding group and the largest Oxford-based investors in the company.

OrganOx has transformed liver transplantation. Centres using its normothermic perfusion technology have seen the number of transplants increase by 20% to 30% with an associated reduction in waitlists. We are proud to have been part of this journey which has resulted in such a significant benefit to patients. The confidence demonstrated by Terumo underscores both the quality of the company’s technology and the strength of its commercial prospects.

The acquisition has been widely covered in the financial and industry press, including:
Financial Times – Terumo to acquire UK liver transplant company OrganOx for $1.5bn
Reuters – Japan’s Terumo to buy OrganOx in $1.5bn deal
Fierce Biotech – Terumo to expand transplant tech portfolio with OrganOx buyout
OrganOx co-founder Professor Prof. Constantin Coussios OBE FREng FMedSci was interviewed on the BBC Radio 4 Today programme, which you can find on BBC Sounds 25/8/2025, beginning at 07:50.