Oxford University Innovation spinout OrganOx to be acquired by Terumo for a record $1.5bn
25th August 2025
Oxford University Innovation spinout OrganOx is set to be acquired by Terumo Corporation in a landmark $1.5 billion deal. The agreement marks the largest acquisition of an Oxford spinout to date and highlights the strength of OUI’s spinout model, which has supported OrganOx from its inception in 2008 through to its position today as a leader in advanced organ preservation.
Oxford University Innovation (OUI) is proud to announce that OrganOx, one of our pioneering spinouts transforming kidney and liver transplantation, has reached an agreement to be acquired by Terumo Corporation, a global medical technology company headquartered in Tokyo, Japan, for US$1.5 billion.
The transaction, which is subject to regulatory approval, would be the largest acquisition of an Oxford University spinout to date, and one of the most significant venture capital exits in UK university spinout history.
OUI helped to establish OrganOx in 2008, working with Professor Constantin Coussios OBE FREng FMedSci and Professor Peter Friend FMedSci, whose research originated in Oxford’s Institute of Biomedical Engineering and the Nuffield Department of Surgical Sciences.
From its earliest days, OUI supported OrganOx with proof-of-concept funding and follow-on investment through the University Challenge Seed Fund and Spinout Equity Management Fund, helping turn OrganOx into a global leader in advanced organ preservation. OrganOx also received substantial support from the Royal Society as the first investment of its Enterprise Fund (subsequently acquired by Amadeus Capital Partners), whilst many of the clinical translation activities that happened collaboratively between OrganOx and the University were supported by the National Institute for Health Research (NIHR) through both its Oxford Biomedical Research Centre (BRC) and multiple Invention for Innovation (i4i) awards.
OrganOx specialises in organ preservation devices that keep donor organs functioning outside the body for significantly longer than traditional methods. Using a technique known as Normothermic Machine Perfusion (NMP), its devices circulate warm, oxygenated fluid through the organ, replicating conditions inside the human body. This enables clinicians to assess organ function in real time and make better-informed decisions about transplantation.
The technology has increased the number of viable organs available for transplant, including those from marginal donors, while reducing the need for emergency and night-time procedures. OrganOx systems have been used in more than 6,000 transplants worldwide and were recently recognised with The Royal Academy of Engineering’s MacRobert Award, the longest running and most prestigious prize for UK engineering innovation, for its life-saving technology that is supporting more organ transplants and helping to cut waiting lists.
Adam Workman, Head of Investments and Ventures at Oxford University Innovation, said: ‘OrganOx’s acquisition is a landmark moment for Oxford University’s innovation ecosystem. It reflects the strength of our spinout model and the long-term value of investing in transformative science from the earliest stages.’
Professor Constantin Coussios, Director of Oxford University’s Institute of Biomedical Engineering and co-founder of 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 at to make it possible to assess and potentially transplant what was previously thought untransplantable. Seeing that vision realised for the benefit of patients across four continents has been incredibly rewarding, and this acquisition will further enhance the global reach and impact of Oxford’s innovative science.’
Professor Peter Friend, transplant surgeon, Director of the Oxford Transplant Centre from 2000 to 2022 and co-founder of OrganOx, 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 University of Oxford’s support has been instrumental in translating our research into real-world impact.’
Professor Irene Tracey, Vice-Chancellor of the University of Oxford, said: ‘OrganOx’s success is a powerful example of how Oxford’s research can transform lives. This landmark acquisition not only celebrates a pioneering technology but also affirms the strength of our innovation ecosystem – built on deep collaboration, bold investment, and world-class science. It marks a proud moment for the University and signals the scale of impact we will continue to deliver through our world-leading research and associated spinouts.’
This achievement underlines the vital role OUI plays in translating Oxford’s world-class research into real-world impact at global scale.
