OrganOx

Its flagship product, metra®, is a normothermic perfusion system (NPS) that keeps donor organs functioning outside the body, allowing for better assessment, extended preservation time and substantially improved hospital logistics. This limits the transplantation of organs with impaired function – ultimately improving success rates and outcomes for patients. 

In October 2025, Terumo, a Japanese medical devices group, acquired OrganOx for a value of $1.5 billion – the largest acquisition of an Oxford University spinout to date and one of the UK’s biggest medtech exit deals.

Support from the Bank

OrganOx secured venture capital funding from Longwall Venture Partners, who were backed by the British Business Bank’s Enterprise Capital Funds (ECF) programme. Longwall’s investment and support were instrumental throughout the company’s development. 

This investment helped fund major clinical trials, accelerating OrganOx’ core product development. The Longwall Ventures team provided board level advice, helping OrganOx with financing, navigating strategic challenges, and establishing a strong leadership team to scale its operations. 

Recognising its potential, Terumo acquired OrganOx in October 2025.

Impact of funding: what has OrganOx gone on to do?

This acquisition was one of the biggest exit deals for a UK medtech company, valuing the company at $1.5 billion. OrganOx, previously 200 employees, joined Terumo’s 30,000+ workforce, which operates in over 160 countries. 

OrganOx won the MacRobert Award for Engineering Innovation (2025) and is developing a kidney preservation device, with commercialisation targeted around 2030. Its metra® technology has been approved in Australia, Canada, Europe, and the US, and used in more than 8,000 liver transplants globally. 

The company will now focus on expanding the adoption of its transplantation technology platform by leveraging Termmo’s global infrastructure to further develop metra® and continue to look for new ways of improving organ transplantation outcomes for patients.