Terumo to Acquire OrganOx for $1.5 Bn, Expands into Transplant Sector

The company has previously collaborated with OrganOx and, in March, invested in the firm through Terumo Ventures, its venture capital arm.

Japan’s Terumo will acquire U.K.-based OrganOx in a deal valued at about $1.5 billion, marking the Tokyo-based medical device company’s entry into the transplantation sector.

OrganOx manufactures a liver perfusion system that supplies oxygenated blood, medications, and nutrients to donor organs at near body temperature. The device also enables functional assessment to support transplant decisions.

The company introduced its system, called Metra, in the U.S. in 2022, where it competes with TransMedics Group. The system is also approved in the U.K., the European Union, Australia, and Canada.

Founded in 2008 by University of Oxford professors Peter Friend and Constantin Coussios, OrganOx generated sales of approximately £ 55.2 million in 2024. Its technology is designed to extend organ preservation time and allow for real-time monitoring during storage and transport, thereby improving transplant outcomes, including those from marginal donors.

Terumo, which operates across cardiac and vascular, medical care, and blood and cell technologies, said the transplantation field faces a shortage of donor organs relative to demand and represents an area of unmet medical need and growth potential.

The company has previously collaborated with OrganOx and, in March, invested in the firm through Terumo Ventures, its venture capital arm.

Needham analyst Mike Matson said Terumo’s strategy for OrganOx remains uncertain. “We continue to see potential for OrganOx to capture increasing share in the liver transplant market,” Matson wrote, noting possible routes could include continuing hospital and procurement organization sales of Metra, partnerships with third-party logistics providers, or developing in-house logistics capabilities to compete with TransMedics.

According to the company, the OrganOx device has been used in more than 6,000 liver transplants worldwide to date. OrganOx’s largest shareholder, BGF, has supported the company through seven rounds of investment since 2019.

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