OrganOx Achieves One Of UK’s Largest Medtech Exits

The transaction represents one of the largest medtech exits in UK history and has generated £175 million in proceeds for investment firm BGF—its most successful return to date. BGF reported a 10x return on its original investment, with an internal rate of return approaching 69%.

Founded in 2008 as a spinout from the University of Oxford, OrganOx is best known for developing Metra—the world’s first fully automated liver perfusion device. The technology keeps donor livers functioning outside the body for up to 24 hours, significantly improving transplant viability and helping to reduce organ shortages. To date it has supported more than 6,000 liver transplants.

BGF first invested in OrganOx in 2019 and participated in every subsequent funding round, including a £20 million commitment in early 2025 ultimately becoming the company’s largest shareholder.

Early backers also included Longwall Ventures and Oxford Investment Consultants, with later-stage investment from firms such as Lauxera Capital Partners and HealthQuest.

Following its acquisition by Japanese healthcare group Terumo Corporation, OrganOx will continue to operate independently from its base in Oxford.

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 CEO Craig Marshall, who took the helm in 2017. CFO Stephen Deitsch played a key role in scaling the company and led the successful management of its $160 million funding round earlier this year. Since joining as Global Chief Commercial Officer in 2022, Rupa Basu has spearheaded OrganOx’s entry into the U.S. market and driven its commercial growth there.

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 pioneered by academic founder and CTO Constantin Coussios, in collaboration with Chief Medical Officer Peter Friend. Both have played pivotal roles in the development of the product and the overall growth of OrganOx.

About OrganOx

OrganOx metra® is a transportable, automated device that preserves donor livers in a functioning state outside the body. Developed over 15 years by Oxford professors Peter Friend and Constantin Coussios, it enables warm, physiological preservation—extending viability, improving assessment, and transforming liver transplantation outcomes worldwide.