Oxford-based OrganOx achieves one of the UK’s largest MedTech exits at $1.5 billion valuation
OrganOx, an Oxford-based medtech company that developed technology to preserve donor livers outside the human body, has been acquired in a deal valued at $1.5 billion. This marks one of the UK’s largest medtech exits and delivers £175 million in proceeds to BGF, making it the investment firm’s most significant return to date. BGF reports a 10x return on its initial investment and an internal rate of return of nearly 69%
Founded in 2008, the company was spun out of the University of Oxford and is known for creating Metra, the world’s first fully automated liver perfusion device. The technology maintains donor livers in a functioning state for up to 24 hours, increasing transplant viability and helping address organ shortages. It has been used in more than 6,000 liver transplants.
BGF first invested in OrganOx in 2019 and participated in every funding round thereafter, including a £20 million commitment in early 2025. It became the company’s largest shareholder. Other early supporters included Longwall Ventures and Oxford Investment Consultants, with later investment from Lauxera Capital Partners, HealthQuest, and others.
The company will continue operating from Oxford as a standalone unit within Terumo Corporation, 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, said: “OrganOx has transformed liver transplantation and built a world-class position in medtech. In a sector where institutional capital is constrained, this exit highlights the importance and potential of patient growth capital, and a willingness to back innovation before it is de-risked — something many investors find difficult to do in this still nascent market.”
Oern R. Stuge, Executive Chairman of OrganOx, said: “Today’s announced transaction is expected to expand the adoption of our transplantation technology platform by leveraging Terumo’s global infrastructure to benefit more patients around the globe…. Thank you to BGF, who have shown conviction and support as an investor and board member since their first investment. Their capital and leadership have enabled the value creation inherent in today’s announced $1.5bn transaction.”
Andy Gregory, CEO of BGF, said: “At a ten-figure valuation, we are incredibly proud to have played a key role in one of the UK’s largest medtech exits. It reflects a remarkable achievement by the OrganOx team, and we are especially proud that this success is tied directly to a positive impact in patient outcomes.”
OrganOx is led by Craig Marshall, who became CEO in 2017. Stephen Deitsch, CFO, played a central role in scaling the business and managing its $160 million funding round earlier this year. Rupa Basu, who joined as Global Chief Commercial Officer in 2022, oversaw the company’s launch and growth in the US market.
Craig Marshall, CEO, OrganOx, said: “Once BGF had a Board seat in 2019, occupied by Tim Rea, I knew that if we succeeded in maintaining our focus and momentum as a business and a team, that OrganOx would not run out of funds in the future. BGF’s conviction remained with us throughout, and they not only participated in every round of funding after their first investment but initiated and shaped a number of these funding rounds.”
Stephen Deitsch, CFO, OrganOx, said: “It’s been an honour working alongside the BGF team, whose operational and financial contributions from 2019 through 2025 have enabled OrganOx’s global market leadership, culminating in today’s announced $1.5bn deal with record returns for BGF.”
The company’s technology was developed by academic founder and CTO Constantin Coussios, alongside Chief Medical Officer Peter Friend. Both have been instrumental in the product’s development and the company’s growth.
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