Overview

• The companies signed a definitive agreement on Aug. 23, and OrganOx will become a wholly owned Terumo subsidiary at closing, with a preliminary value of about $1.5 billion subject to customary cash, debt and working-capital adjustments.
• OrganOx’s metra device for liver normothermic machine perfusion has approvals in the U.S., EU, UK, Australia and Canada and has supported more than 6,000 transplant procedures worldwide.
• Terumo describes the acquisition as its entry into the organ-transplant sector and plans to leverage its global infrastructure to broaden access to organ-preservation technology.
• Companies House filings show founders Professors Constantin Coussios and Peter Friend are minority shareholders set to receive payouts, while BGF says it expects £175 million in proceeds, its largest-ever return.
• UK coverage notes concern about another university spin-out moving to foreign ownership, following Terumo’s earlier strategic investment in OrganOx through its venture arm in March 2025.