OrganOx, an Oxford-based company specializing in liver perfusion technology, has begun a deal to be acquired by Terumo for about $1.5 billion.

The deal is one of the largest exits of a UK-based medtech company, and marks BGF’s (a growth capital investor in OrganOx) largest-ever return. BGF first invested in OrganOx in 2019 and has provided seven investment rounds, including a £20m commitment earlier this year.

OrganOx was founded out of the University of Oxford. The company developed the world’s first fully automated device for liver preservation, metra. Metra lets donor livers be maintained in a functioning state outside the human body for up to 24 hours.

The technology has been used in over 6,000 liver transplants to date and has significantly grown the number of viable organs available for transplant.

“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,” said OrganOx Executive Chairman Oern R. Stuge MD, MBA. “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.”

OrganOx’s leadership team includes Craig Marshall, CEO, who transitioned to the role in 2017 and has led the company’s efforts since then. Stephen Deitsch is the company’s CFO—he was central to building out the platform that enabled the company to scale and was critical to the success of the company’s $160m fundraise round in February 2025 and the delivery of this exit.

“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,” said Marshall. “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.”

“It’s been an honor 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,” added Deitsch.