On August 25, 2025, Japanese medical device giant Terumo Corporation (Tokyo Stock Exchange: 4543) announced that it would acquire OrganOx Limited, a UK-based company specializing in medical device development, for approximately USD 1.5 billion. The final agreement was signed on August 23, 2025, and OrganOx will become a wholly owned subsidiary of Terumo after obtaining regulatory approvals.
OrganOx, a spin-out from the University of Oxford, developed the normothermic machine perfusion (NMP) device “metra” for liver transplantation. The device was approved by the U.S. FDA in 2021, and has since been approved in the EU and UK, with more than 6,000 liver transplants worldwide using the technology to date. Through this acquisition, Terumo aims to formally enter the organ transplantation field and establish a new long-term growth business.
Purpose of M&A
Background of Terumo
Terumo is a global company operating in over 160 countries, and in recent years has been actively investing in growth areas. In March 2025, it invested in OrganOx through its corporate venture capital arm, Terumo Ventures, strengthening ties between the two companies. This acquisition is part of its broader strategy to secure advanced medical technologies and further enhance its business portfolio.
Background of OrganOx
Founded in 2008 as a University of Oxford spin-out, OrganOx has developed NMP technology that preserves organs in a near-physiological, functioning state by circulating oxygen and nutrients. Its liver preservation device received FDA approval in 2021, entered the U.S. market in 2022, and has also been approved in the EU and UK. To date, it has been used in over 6,000 liver transplants worldwide. In addition, OrganOx is currently developing a kidney preservation device, targeting commercialization around 2030.
M&A Objectives and Expected Outcomes
Terumo’s goal with this acquisition is to establish a new long-term growth driver by entering the organ transplantation business. By combining Terumo’s expertise in medical device development with OrganOx’s NMP technology, the two companies aim to create higher value-added organ preservation devices. Expected benefits include improving donor organ utilization, enabling the use of marginal donors (previously unsuitable organs), enhancing transplant outcomes, and reducing emergency and nighttime surgeries, thereby alleviating burdens on healthcare professionals.
Acquisition Terms
Terumo will acquire 100% of OrganOx’s shares in cash, with the purchase price estimated at USD 1.5 billion. The final amount will be adjusted based on OrganOx’s cash holdings, debt, and working capital at closing. Funding will primarily be sourced through bank loans. After the acquisition, OrganOx will become a wholly owned subsidiary of Terumo.
Acquisition Timeline
August 23, 2025: Final agreement signed
August 25, 2025: Acquisition officially announced
Closing date: To be executed promptly after obtaining necessary regulatory approvals in the U.S. and other regions
