OrganOx, an Oxford-based medtech firm known for its revolutionary liver perfusion technology improving transplant outcomes globally, has been acquired in a deal valued at about $1.5 billion. This transaction marked BGF’s biggest profit so far, generating £175 million, representing a 10x return and an IRR of around 69 percent.
Originating from the University of Oxford, OrganOx created the world’s first fully automated liver preservation device, metra, allowing donor livers to function outside the human body for up to 24 hours. Used in over 6,000 liver transplants, it has notably increased viable organs for transplant and enhanced patient outcomes.
With support from BGF, OrganOx has risen to become a leading medtech entity. Post-acquisition, it will continue operating from Oxford as an independent part of Terumo Corporation, a global healthcare group.
Tim Rea, BGF’s co-head of early stage investing and an OrganOx board member since 2019 stated that OrganOx revolutionized liver transplantation and established a top-tier medtech status. Rea emphasized the role of patient growth capital in this sector and backing innovation at early stages, illustrating the importance of BGF’s strategy.
BGF’s mission involved injecting capital into underfunded investment markets. In early medtech, it focused on companies with high hardware and manufacturing demands, supporting OrganOx’s successful journey.
Since its initial investment in 2019, BGF provided seven funding rounds to OrganOx, including a £20 million commitment this year, becoming the company’s largest shareholder.
Founding supporters included Longwall Ventures and Oxford Investment Consultants, while later backers comprised Lauxera Capital Partners (US/FR), HealthQuest (US), and others.
Oern R. Stuge, MD, MBA, and Executive Chairman of OrganOx, expressed that the partnership would leverage Terumo’s global reach to widen their transplantation technology’s adoption for more patients worldwide.
He thanked BGF for their steadfast support, attributing their leadership and funding to enabling the current $1.5 billion transaction.
BGF’s CEO Andy Gregory highlighted the significance of OrganOx’s $1.5 billion valuation, marking one of the UK’s major medtech achievements. The OrganOx team’s success is particularly noteworthy as it directly impacts patient outcomes. BGF aims to channel more capital into the UK’s thriving companies via international co-investments or local funding channels.