Terumo to acquire organ preservation innovator OrganOx for $1.5 billion

OXFORD/TOKYO - Japanese medical technology company Terumo Corporation (TSE:4543), a $27 billion market cap healthcare equipment leader with a "GREAT" financial health rating according to InvestingPro, has entered into a definitive agreement to acquire OrganOx Limited, a UK-based organ preservation device maker, for approximately $1.5 billion, according to a press release statement issued Sunday.

The transaction, expected to close pending final adjustments for cash, debt, and working capital, will make OrganOx a wholly owned subsidiary of Terumo. With a strong current ratio of 2.64 and moderate debt levels, Terumo appears well-positioned to integrate this acquisition.

OrganOx, founded in 2008 as a University of Oxford spin-off, specializes in Normothermic Machine Perfusion (NMP) technology, which preserves organs by circulating oxygen and nutrients at near-body temperature. The company’s liver preservation device, metra, received FDA approval in 2021 and has been used in over 6,000 liver transplant procedures globally.

The acquisition represents Terumo’s strategic entry into the organ transplantation sector. The companies have previously collaborated, with Terumo making a strategic investment in OrganOx through its venture capital arm in March 2025.

"Today’s announced transaction is expected to expand the adoption of our transplantation technology platform by leveraging Terumo’s global infrastructure to benefit more patients around the globe," said Oern R. Stuge, Executive Chairman of OrganOx.

Craig Marshall, Chief Executive Officer of OrganOx, added, "We look forward to continuing our rich history of collaboration with Terumo to continue harnessing our collective innovations to improve patient care."

The NMP technology aims to address challenges in organ transplantation, including improving organ utilization rates and enabling the use of organs from marginal donors—individuals who fall outside standard donation criteria due to factors such as advanced age or pre-existing conditions.

Perella Weinberg Partners and Piper Sandler served as OrganOx’s financial advisors for the transaction, with Latham & Watkins acting as legal counsel.

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