OrganOx, an Oxford-based medtech firm that developed expertise to protect donor livers outdoors the human physique, has been acquired in a deal valued at $1.5 billion. This marks one of many UK’s largest medtech exits and delivers £175 million in proceeds to BGF, making it the funding agency’s most important return up to now. BGF reviews a 10x return on its preliminary funding and an inner fee of return of practically 69%
The corporate was spun out of the College of Oxford and is understood for creating metra, the world’s first absolutely automated liver perfusion gadget. The expertise maintains donor livers in a functioning state for as much as 24 hours, growing transplant viability and serving to handle organ shortages. It has been utilized in greater than 6,000 liver transplants.
BGF first invested in OrganOx in 2019 and took part in each funding spherical thereafter, together with a £20 million dedication in early 2025. It turned the corporate’s largest shareholder. Different early supporters included Longwall Ventures and Oxford Funding Consultants, with later funding from Lauxera Capital Companions, HealthQuest, and others.
The corporate will proceed working from Oxford as a standalone unit inside Terumo Company, the Japanese healthcare group that acquired it.
Tim Rea, co-head of early stage investing at BGF and a member of the OrganOx board since 2019, mentioned: “OrganOx has reworked liver transplantation and constructed a world-class place in medtech. In a sector the place institutional capital is constrained, this exit highlights the significance and potential of affected person development capital, and a willingness to again innovation earlier than it’s de-risked — one thing many buyers discover troublesome to do on this nonetheless nascent market.”
Oern R. Stuge, Govt Chairman of OrganOx, mentioned: “Right now’s introduced transaction is anticipated to broaden the adoption of our transplantation expertise platform by leveraging Terumo’s international infrastructure to learn extra sufferers across the globe…. Thanks to BGF, who’ve proven conviction and help as an investor and board member since their first funding. Their capital and management have enabled the worth creation inherent in at this time’s introduced $1.5bn transaction.”
Andy Gregory, CEO of BGF, mentioned: “At a ten-figure valuation, we’re extremely proud to have performed a key function in one of many UK’s largest medtech exits. It displays a outstanding achievement by the OrganOx staff, and we’re particularly proud that this success is tied on to a constructive affect in affected person outcomes.”
OrganOx is led by Craig Marshall, who turned CEO in 2017. Stephen Deitsch, CFO, performed a central function in scaling the enterprise and managing its $160 million funding spherical earlier this 12 months. Rupa Basu, who joined as International Chief Business Officer in 2022, oversaw the corporate’s launch and development within the US market.
Craig Marshall, CEO, OrganOx, mentioned: “As soon as BGF had a Board seat in 2019, occupied by Tim Rea, I knew that if we succeeded in sustaining our focus and momentum as a enterprise and a staff, that OrganOx wouldn’t run out of funds sooner or later. BGF’s conviction remained with us all through, they usually not solely participated in each spherical of funding after their first funding however initiated and formed a lot of these funding rounds.”
Stephen Deitsch, CFO, OrganOx, mentioned: “It’s been an honour working alongside the BGF staff, whose operational and monetary contributions from 2019 via 2025 have enabled OrganOx’s international market management, culminating in at this time’s introduced $1.5bn take care of document returns for BGF.”
The corporate’s expertise was developed by educational founder and CTO Constantin Coussios, alongside Chief Medical Officer Peter Pal. Each have been instrumental within the product’s growth and the corporate’s development.
