An agreement has been reached for the acquisition of OrganOx , a pioneering University of Oxford spinout transforming kidney and liver transplantation, by Terumo Corporation, a global medical technology company headquartered in Tokyo, Japan, for US$1.5 billion. The transaction, which is subject to regulatory and other approvals, 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.
Founded in 2008 by engineering professor Constantin Coussios OBE FREng FMedSci and transplant surgeon professor Peter Friend FMedSci, OrganOx originated from Oxford's Institute of Biomedical Engineering and the Nuffield Department of Surgical Sciences. The company has since become a leader in advanced organ preservation technology.
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.
OrganOx Extra-corporeal Liver SupportThe 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 2025 MacRobert Award , the UK's most prestigious prize for engineering innovation.
Oxford University was an early investor in OrganOx, supporting the company with proof-of-concept funding via the University Challenge Seed Fund and investing further through the Spinout Equity Management Fund.
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.'
Depiction of the investigational OrganOx extracorporeal liver cross-circulation (ELC) systemProfessor 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.'
The OrganOx metra device maintains the liver at normal body temperature prior to transplantation and actively delivers oxygenated blood, medications and nutrientsCredit: OrganOx
Adam Workman , Head of Investments and Ventures at Oxford University Innovation , commented: '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.'
