OrganOx’s Life-Saving Tech Goes Global in $1.5B Terumo Acquisition

Engineering Innovation Meets Global Impact: Oxford’s OrganOx Joins Terumo

Terumo Corporation, a leading medical technology firm headquartered in Tokyo, has reached an agreement to acquire OrganOx, a pioneering Oxford, UK spinout specialising in organ transplantation. Valued at US$1.5 billion, the acquisition, pending regulatory approvals, is being hailed as the largest in Oxford University’s spinout history and one of the most significant venture capital exits among UK university spinouts. This valuation surpasses previous Oxford spinout exits such as Vaccitech and Oxbotica, marking OrganOx as the university’s highest-value commercialisation to date. A comparative bar chart of UK university spinout acquisitions would illustrate OrganOx’s record-setting position. Oxford has launched over 300 spinouts since 1988, reinforcing its leadership in academic entrepreneurship.

Founded in 2008 by Professor Constantin Coussios, an expert in biomedical engineering, and transplant surgeon Professor Peter Friend, OrganOx emerged from the University of Oxford’s Institute of Biomedical Engineering and the Nuffield Surgical Department. The company has since become a global leader in medical science innovation, particularly in organ preservation. OrganOx’s breakthrough lies in its Normothermic Machine Perfusion (NMP) technology, which circulates warm, oxygenated fluid through donor organs to replicate conditions inside the human body. This advancement allows clinicians to assess organ viability in real time, significantly improving transplantation outcomes. Globally, approximately 6,000 patients die annually in the United States alone while waiting for organ transplants, largely due to organ discard rates.

The technology has expanded the pool of transplantable organs, including those from marginal donors, and has helped reduce emergency and nighttime surgeries. To date, OrganOx devices have supported over 6,000 transplants worldwide, demonstrating the company’s global reach and impact on health sciences. OrganOx’s NMP system preserves organs for up to 24 hours, compared to 6–8 hours with conventional methods, and has demonstrated improved post-transplant outcomes in clinical trials. The firm was recently honoured with The Royal Academy of Engineering’s MacRobert Award, a prestigious recognition for engineering innovation that saves lives and reduces transplant waiting lists.

The MacRobert Award is the UK’s longest-running engineering prize, previously awarded to innovations such as Raspberry Pi and Rolls-Royce’s Trent engines. OrganOx’s selection reflects its transformative impact on transplant medicine. This accolade underscores the role of academic research and innovation in science emerging from Oxford, UK, widely regarded as one of the world’s largest universities in terms of research output and global influence.
OrganOx’s journey was strongly supported by the UK university’s innovation ecosystem. Early-stage funding was provided through the University Challenge Seed Fund, with further investment from the Spinout Equity Management Fund. The Seed Fund has supported over 100 ventures, typically investing £50,000–£250,000 per project, while the Equity Management Fund helps Oxford retain strategic stakes in high-potential spinouts. These initiatives reflect Oxford’s commitment to translating research and science into real-world solutions.

Professor Coussios, now Director of Oxford’s Institute of Biomedical Engineering, described the technology as a product of collaboration between engineering and innovation and clinical practice. He credited the university’s cross-disciplinary environment for enabling the development of transformative medical technology. He stated that the original goal had been to extend organ viability and increase transplant success, and expressed satisfaction that this vision had been realised across continents. Professor Friend, former Director of the Oxford Transplant Centre, highlighted the limitations of traditional preservation methods and praised OrganOx’s impact on both patients and surgeons. He emphasised the importance of collaboration between Oxford’s Surgical Department and Engineering University faculties, which helped translate science & research into clinical application. This model of cross-disciplinary innovation has also produced other Oxford medtech successes, such as OxVent (a rapid-deployment ventilator) and vaccine development platforms, reinforcing the university’s reputation for translational impact.

Oxford’s Vice Chancellor, Professor Irene Tracey, commented that the acquisition exemplifies how academic research at Oxford Uni can deliver life-changing outcomes. She noted that the deal not only celebrates a pioneering medical science innovation but also reflects the strength of Oxford’s spinout model—characterised by bold investment, interdisciplinary collaboration, and world-class research jobs. Adam Workman, Head of Investments and Ventures at Oxford University Innovation, described the acquisition as a landmark moment for the university’s commercialisation strategy. He reaffirmed the long-term value of investing in graduate students, early-stage ventures, and biomedical engineering courses that bridge the gap between research science and global health impact.

Terumo Corporation operates in over 160 countries and has recently expanded its transplantation portfolio through strategic investments. In March 2025, Terumo Ventures made a targeted investment in OrganOx, signalling long-term alignment. The acquisition stands as a testament to the power of engineering innovation, cross-disciplinary collaboration, and the enduring value of Oxford, UK’s commitment to excellence in science and research.

Editor’s Note

The acquisition of OrganOx by Terumo Corporation for US$1.5 billion represents a landmark event in academic research, medical innovation, and global investment. This deal stands as Oxford University's largest spinout exit and one of the most significant among UK universities, highlighting the potential for cutting-edge research to yield both vital life-saving technologies and unprecedented commercial success. At its heart, this story is about OrganOx’s journey, from an Oxford collaboration between biomedical engineering and surgical science to becoming a world leader in organ preservation. Its Normothermic Machine Perfusion system has changed transplant medicine by extending organ viability, reducing discard rates, and enabling over 6,000 successful transplants worldwide. In a field where thousands of patients die each year due to organ shortages, this advancement represents a major step forward for global health.

Oxford's innovation ecosystem played a crucial role in OrganOx's success, thanks to early-stage funding mechanisms like the University Challenge Seed Fund and the Spinout Equity Management Fund. These initiatives underscore Oxford’s dedication to transforming research into practical solutions. The company's significant impact is further validated by accolades such as the Royal Academy of Engineering’s MacRobert Award. This narrative, which integrates insights from academics, clinicians, university leaders, and investors, illustrates how interdisciplinary teamwork can lead to life-improving technologies and attract substantial global investment.

Skoobuzz underlines that this milestone represents more than the success of a single company; it also reflects the wider future of university spinouts, advances in translational medicine, and the growing global interest in UK research-led innovation.