OrganOx Acquisition, Valuation, Funding & Investors

OrganOx was acquired by Terumo for $1.5B in August 2025, a 21.4x multiple on $70M of revenue.

OrganOx acquisition price

$1.5B

Acquired by Terumo · Aug 2025

OrganOx revenue at acquisition

$70M

Last twelve months · Aug 2025

OrganOx revenue multiple at acquisition

21.4x

EV/Revenue · Aug 2025

Cumulative funding OrganOx raised

$198M

across 3 funding rounds

OrganOx Overview

About OrganOx

OrganOx is an Oxford-headquartered medical device company that commercializes the Metra system for normothermic machine perfusion of donor livers during transplantation. Approved by FDA in 2020 and CE marked since 2018, the technology maintains organs at body temperature for up to 24 hours, improving utilization rates by 30 percent. OrganOx systems operate in 50 US and European centers, partnering with NHS Blood and Transplant.


Founded

2008

HQ

United KingdomOxford

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$70M (Aug 2025)

Valuation

$1.5B (acquired Aug 2025)

OrganOx Acquisition

OrganOx was acquired by Terumo for $1.5B on 23 August 2025.

The acquisition price implies a 21.4x revenue multiple on $70M of revenue.

Before the acquisition OrganOx had raised $198M across 3 funding rounds.

OrganOx Limited, a University of Oxford spinout and pioneer in normothermic machine perfusion (NMP) technology for organ preservation, develops the metra® platform primarily for liver and kidney transplantation to optimize donor organs and address shortages. Terumo Corporation, a Tokyo-based global medical technology company listed on the Tokyo Stock Exchange (TSE: 4543), entered a definitive agreement on August 23, 2025, to acquire all outstanding shares of OrganOx for approximately USD 1.5 billion, with the final value adjustable for cash, debt, and working capital. The deal followed Terumo's strategic investment via Terumo Ventures in March 2025 and completed on October 29-30, 2025, after U.S. regulatory approvals, making OrganOx a wholly owned subsidiary financed through borrowings. The acquisition enables Terumo's entry into the organ transplantation sector, combining its medical device expertise with OrganOx's NMP innovations to deliver enhanced preservation devices globally and establish a medium- to long-term growth driver amid unmet needs like thousands of annual patient deaths on transplant waitlists. It leverages Terumo's global infrastructure for accelerated commercial expansion into new markets, R&D investment to evolve metra® beyond liver transplantation, and synergies across the Terumo Group. OrganOx CEO Craig Marshall and Terumo CEO Hikaru Samejima highlighted the partnership's potential to scale operations, improve patient outcomes, and expand NMP for organ support, marking Oxford University's largest spinout exit at over £1 billion.

OrganOx acquisition details
AcquirerDateTypePriceEV/Revenue
23 Aug 2025Strategic M&A$1.5B21.4x

OrganOx Funding History

OrganOx has raised a total of $198M across 3 funding rounds.

OrganOx's first fundraising round was a $6M Series E in January 2020. The most recent completed round was a $160M undisclosed-stage round in February 2025.

OrganOx funding rounds

OrganOx funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2025Undisclosed stageHealthQuest Capital (lead)$160MOrganOx Ltd., a University of Oxford spin-out founded in 2008, develops organ preservation technologies for transplantation, with its flagship metra® normothermic machine perfusion (NMP) platform FDA-approved in the US, Europe, Canada, and Australia. The metra keeps donor livers metabolically active outside the body for up to 24 hours—twice as long as cold storage—enabling functional assessment and increasing usable organs; it has supported over 5,000 successful liver transplants across Europe, the US, and Australia. OrganOx is also advancing investigational metra technology for kidney transplants, with US clinical trials upcoming. On February 24, 2025, OrganOx completed an oversubscribed $142 million primary and secondary equity financing led by new investor HealthQuest Capital, with participation from new investors Sofina, Soleus Capital, and Avidity Partners, plus existing backers BGF and Lauxera Capital Partners. Other longstanding investors include the University of Oxford, Technikos, Oxford Technology and Innovations Fund, and Longwall Ventures. HealthQuest Capital, managing approximately $2 billion, focuses on transformative healthcare companies in medtech, diagnostics, digital health, and services. The funding will accelerate global rollout of the metra platform, particularly in the US market, expand customer base and infrastructure in the UK and US, support R&D pipeline progress, and address unmet needs in organ disease and failure while aligning with healthcare's quadruple aim of better outcomes, provider experience, patient care, and cost neutrality. Executive Chairman Oern R. Stuge highlighted partnerships for improved patient outcomes, while HealthQuest's Garheng Kong emphasized societal benefits without added costs. Advisors included Piper Sandler and Latham & Watkins.
Jul 2023Undisclosed stageLauxera Capital Partners (lead)$32MOrganOx is an Oxford-based medical technology company that develops metra, a fully automated normothermic machine perfusion (NMP) device for liver transplantation. The company's technology preserves and transports donated organs by creating an environment that mimics the human body, thereby increasing the supply of organs available for transplant and reducing mortality among patients waiting for transplants. In July 2023, OrganOx raised £25 million in a growth round led by Lauxera Capital Partners with support from existing investors. The funding was deployed to significantly expand OrganOx's commercial footprint, particularly in the United States where there was substantial interest and adoption of the technology. The capital also enabled investment in new infrastructure and manufacturing facilities in both the UK and the US, as well as funding for R&D pipeline programs targeting adjacent markets beyond liver transplantation. By August 2025, approximately two years after this growth round, OrganOx had multiplied its revenue more than five-fold year-over-year, according to Lauxera's co-founding partner Samuel Levy, demonstrating strong commercial traction in US market expansion. This growth trajectory ultimately led to Terumo Corporation's acquisition of OrganOx in August 2025 for approximately USD $1.5 billion, with the company becoming a wholly owned subsidiary upon deal completion.
Jan 2020Series EBusiness Growth Fund (lead)$6MOrganOx is an Oxford-based medtech company developing the metra platform, a device that preserves donor livers outside the body to increase organ transplant viability. BGF first invested in OrganOx in 2019 and provided follow-on funding, including a £4.6 million ($5.36 million) round in 2020 and six additional rounds through 2025. The company also received £3 million from Growth Lending and completed a £6.4 million equity fundraise around that period to support growth and market entry.

Who has invested in OrganOx?

3 investors have backed OrganOx across its funding rounds, including Business Growth Fund, HealthQuest Capital and Lauxera Capital Partners.

Lead investors include HealthQuest Capital, Lauxera Capital Partners and Business Growth Fund.


OrganOx Investors

Investors in OrganOx by funding rounds participated
InvestorHQRoundsRoleFirst check
HealthQuest CapitalUnited StatesSan Francisco, CA1LeadFeb 2025

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OrganOx Competitors

OrganOx competitors include listed companies like BoneSupport, Alpha Tau Medical, Alphatec Holdings and 4DMedical, and private ones like MindMaze and Science.

Public and private companies comparable to OrganOx
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MindMazeSwitzerlandLausannePrivate$8M-$1.5B187.5x
ScienceUnited StatesSan Francisco, CAPrivate--$1.5B-
BoneSupportSwedenSwedenPublicly listed$120M$21M$1.5B9.7x
Alpha Tau MedicalIsraelIsraelPublicly listed-($45M)$1.4B2659.7x
Alphatec HoldingsUnited StatesUnited StatesPublicly listed$764M($15M)$1.6B2.5x
4DMedicalAustraliaAustraliaPublicly listed$4M($18M)$1.6B193.3x

OrganOx Public Comps

OrganOx is no longer listed, but its public comps include Savaria, Beijing Balance Medical, El.En. Group, BoneSupport, Shanghai MicroPort, Haier Biomedical, Nolato, Alpha Tau Medical, Alphatec Holdings and Nakanishi.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Savaria$655M$113M2.5x2.3x14.3x11.2x
Beijing Balance Medical$92M$37M15.9x-40.0x-
El.En. Group$680M$96M1.9x2.1x13.3x11.1x
BoneSupport$120M$21M11.8x9.7x67.1x36.2x
Shanghai MicroPort$201M$108M6.1x5.6x11.4x10.6x
Haier Biomedical$347M$54M3.6x3.4x23.7x22.2x
Nolato$965M$161M1.4x1.4x8.7x8.3x
Alpha Tau Medical-($45M)-2659.7x(30.1x)(26.5x)

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Common questions about OrganOx

When was OrganOx founded?OrganOx was founded in 2008.
Where is OrganOx headquartered?OrganOx is headquartered in Oxford, United Kingdom.
Is OrganOx publicly listed?No, OrganOx was acquired by Terumo in August 2025.
Who acquired OrganOx?OrganOx was acquired by Terumo in August 2025.
How much was OrganOx acquired for?OrganOx was acquired for $1.5B in August 2025, a 21.4x revenue multiple.
How much funding has OrganOx raised?OrganOx has raised $198M across 3 funding rounds.
What was OrganOx's last funding round?OrganOx's last funding round was a $160M undisclosed-stage round in February 2025, led by HealthQuest Capital.
Who are OrganOx's investors?OrganOx's investors include HealthQuest Capital, Lauxera Capital Partners and Business Growth Fund.
Which companies are comparable to OrganOx?Companies comparable to OrganOx include MindMaze, Science, BoneSupport, Alpha Tau Medical, Alphatec Holdings and 4DMedical.

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