A university spinout has been acquired in a record-breaking deal.
OrganOx, an Oxford University spinout that has revolutionised liver and kidney transplantation, has been acquired by Tokyo-based medical technology company Terumo Corporation for $1.5 billion.
It is the largest exit in Oxford’s spinout portfolio and the first to exceed £1 billion.
The acquisition, announced in August, marks a milestone for Oxford’s commercialisation of biomedical innovation and underscores the long-term impact of university-led research.
Professor Constantin Coussios, statutory chair of biomedical engineering at Oxford and co-founder and chief technology officer at OrganOx, said: "This technology was born from a deep collaboration between engineering and clinical science within the Institute of Biomedical Engineering, uniquely enabled by Oxford’s unparalleled cross-disciplinary innovation ecosystem.
"From the outset our aim was to solve one of transplantation’s greatest challenges: preserving organs in a viable state for longer, so as to make it possible to assess and potentially transplant what was previously thought untransplantable.
"Seeing that vision realised for the benefit of patients across 4 continents has been incredibly rewarding, and this acquisition will further enhance the global reach and impact of Oxford’s innovative science."
OrganOx was founded in 2008 by Professor Coussios and Professor Peter Friend, a transplant surgeon and former director of the Oxford Transplant Centre.
The company emerged from Oxford’s Institute of Biomedical Engineering and the Nuffield Department of Surgical Sciences.
Its core technology is normothermic machine perfusion, which keeps donor organs warm and supplied with oxygenated blood-like fluid outside the body.
The technology allows clinicians to assess organ function in real time and has supported more than 7,500 transplants worldwide.
OrganOx devices have expanded the pool of transplantable organs, including those from marginal donors, and reduced the need for emergency and overnight procedures.
Professor Friend, co-founder and chief medical officer, said: "As a clinician, I’ve seen first-hand the limitations of traditional organ preservation.
"OrganOx technology is transforming the landscape of organ transplantation, with huge impact on both patients and surgeons.
"The success of this venture results from a highly effective synergy between two academic departments, Surgical Sciences and Biomedical Engineering, and the support from the University of Oxford has been instrumental in translating our research into real-world impact."
Oxford University supported OrganOx from its earliest stages, providing proof-of-concept funding through the University Challenge Seed Fund and later investment via the Spinout Equity Management Fund.
The company also received backing from the Royal Society’s Enterprise Fund and the National Institute for Health Research.
OrganOx and Terumo have previously collaborated on the development of the OrganOx metra device, with Terumo Ventures making a strategic investment in February 2025.
The acquisition is expected to accelerate OrganOx’s clinical impact and broaden its reach to more patients and healthcare systems around the world.
Share