Terumo Corp. agreed to acquire OrganOx Ltd., a University of Oxford spinout developing organ preservation technology, for approximately $1.5 billion as the Japanese medical device maker ventures into the transplant sector for the first time.
The deal, announced Monday, will make the Oxford-based company a wholly owned subsidiary of Terumo by March 2026, subject to regulatory approvals. OrganOx specializes in normothermic machine perfusion technology that keeps donated organs functioning outside the body at near-body temperature, extending preservation time beyond traditional cold storage methods.
The acquisition marks Terumo’s largest foray outside its traditional medical device portfolio, which includes thermometers and cardiovascular equipment. The Tokyo-based company previously invested in OrganOx through its venture capital arm in March, suggesting the acquisition was months in the making rather than an opportunistic deal.
OrganOx’s main commercial product, the metra liver preservation device, gained U.S. Food and Drug Administration approval in 2021 and has been used in over 6,000 liver transplant procedures worldwide. The device also holds regulatory clearances in Europe, Canada and Australia.
Founded in 2008 by engineering professor Constantin Coussios and transplant surgeon Peter Friend, OrganOx represents the largest acquisition of an Oxford University spinout to date. The company was backed by investors including Business Growth Fund and HealthQuest Capital.
The transaction value may be adjusted based on OrganOx’s cash position and working capital at closing, according to the companies’ statements.
