OrganOx Achieves Historic Medical Tech Exit in the UK with Record Returns

OrganOx Celebrates a Landmark Exit in Medical Technology

On August 25, 2025, OrganOx made headlines as it completed one of the most impressive exits in the medical technology sector within the UK. This momentous event, valued at approximately $1.5 billion, not only signifies a substantial financial return for BGF (British Growth Fund) but also highlights the critical role of patient capital in driving innovation within healthcare.

Founded in Oxford University, OrganOx has made waves in the medical landscape with its groundbreaking technology for liver preservation. Its flagship product, metra®, is the world’s first fully automated device that maintains donated livers in a functional state for up to 24 hours outside the human body. This revolutionary technology is responsible for an impressive increase in viable organs available for transplantation, having been utilized in over 6,000 liver transplants globally.

BGF, the most active growth capital investor in the UK and Ireland, first invested in OrganOx in 2019 and has provided financial backing through seven funding rounds, including a notable £20 million commitment earlier this year. This partnership has resulted in remarkable financial success for BGF, generating £175 million, a tenfold return on its original investment, and a global internal rate of return close to 69%.

Tim Rea, co-director of early-stage investments at BGF, expressed pride in OrganOx’s journey and its transformative impact on liver transplantation. He noted, "In an industry often characterized by limited institutional capital, this exit highlights the potential and importance of patient capital to support innovation before it becomes unstable."

The acquisition allows OrganOx to continue operating as an independent unit under Terumo Corporation, a global healthcare company. The deal is expected to accelerate the adoption of OrganOx's transplant technology on a broader scale, thanks to Terumo’s extensive infrastructure.

Craig Marshall, CEO of OrganOx, stated, "After BGF took a seat on our board in 2019, we knew we wouldn’t face a funding shortage if we maintained our focus and momentum as a company. BGF’s conviction was with us throughout, participating in every subsequent funding round."

Moreover, the partnership has also facilitated the growth of other notable medical technology companies supported by BGF, such as Cyted, TidalSense, and Entia. These companies likewise aim to innovate and improve patient outcomes in various healthcare fields through advanced technology.

BGF continues to assert its role as a significant player in the UK’s investment landscape, committing to further investments in advanced technologies and life sciences with a strategic £500 million allocation to early-stage businesses. This long-term approach is tailored for sustainable growth, demonstrating a commitment to nurturing innovative companies in the UK’s medical technology space.

As the medical technology sector evolves, the success of OrganOx underscores the importance of collaboration between patient capital and pioneering research, which can lead to significant advancements in healthcare.