OrganOx, a medical technology company based in Oxford, has been acquired for $1.5 billion. This acquisition marks one of the UK’s largest medtech exits, providing £175 million to BGF and resulting in a 10x return on their investment and an internal rate of return of nearly 69%. The company, spun out from the University of Oxford, created metra, the first fully automated liver perfusion device, preserving donor livers up to 24 hours and supporting over 6,000 transplants.
BGF first invested in OrganOx in 2019 and became the largest shareholder, participating in every funding round, including a £20 million investment in early 2025. Other investors included Longwall Ventures, Oxford Investment Consultants, Lauxera Capital Partners, and HealthQuest. Terumo Corporation, a Japanese healthcare group, acquired OrganOx, which will continue as a standalone unit in Oxford.
Tim Rea, co-head of early stage investing at BGF, praised OrganOx’s impact on liver transplantation and highlighted the significance of patient growth capital. Oern R. Stuge, Executive Chairman of OrganOx, expects the transaction to expand technology adoption globally, thanking BGF for their support. Andy Gregory, CEO of BGF, commended OrganOx’s achievements and their positive impact on patients.
Led by CEO Craig Marshall, who took the role in 2017, and CFO Stephen Deitsch, OrganOx managed a $160 million funding round. Rupa Basu, Global Chief Commercial Officer since 2022, directed the company’s US market launch and growth. Marshall lauded BGF’s unwavering support, while Deitsch noted BGF’s financial contributions crucial for the company’s global leadership. The technology by academic founder and CTO Constantin Coussios and Chief Medical Officer Peter Friend was foundational to OrganOx’s success.