Terumo to Acquire OrganOx Limited, a Leading Innovator in Organ Preservation Devices

Terumo Corporation recently announced it has entered into a definitive agreement dated August 3, 2025, with OrganOx Limited, a leading innovator in organ preservation devices, and its shareholders to acquire all outstanding shares of OrganOx. Upon completion of the transaction, OrganOx will become a wholly owned subsidiary of Terumo. The total transaction value is approximately $1.5 billion.

The acquisition marks Terumo’s strategic entry into the organ transplantation-related sector—a field with significant unmet medical needs and strong growth potential. By combining Terumo’s longstanding expertise in designing medical devices and equipment with OrganOx’s advanced capabilities in Normothermic Machine Perfusion (NMP), the Company aims to deliver innovative organ preservation devices globally. Terumo seeks to broaden access for patients in need of transplants and contribute to the advancement of transplantation medicine by aiming to address key challenges in organ transplantation, including improving organ utilization rates, enabling the use of marginal donor organs, enhancing post-transplant outcomes, and reducing the burden on healthcare professionals through minimizing nighttime and emergency procedures.

Purpose of the acquisition

In the field of organ transplantation, a major challenge lies in the shortage of available organs relative to demand. Even in the United States, which performs the highest number of organ transplants, approximately 6,000 patients*3 on the waiting list pass away each year without receiving a transplant. One of the key factors behind this shortage is the high rate of unused organs donated. Once organs are retrieved, they are promptly treated and placed in organ preservation devices for transport to the recipient. However, if the organs are damaged during long-distance or prolonged transportation, the transplant may not be performed due to safety concerns. To reduce such missed opportunities, there is a strong need to establish new methods that enable long-term and stable preservation of donor organs.

Founded in 2008 as a spin-off from the University of Oxford, OrganOx is a pioneering medical technology company specializing in advanced NMP devices for organ preservation. NMP and other ex-vivo machine perfusion (EVMP) technologies can preserve organs longer by circulating oxygen and nutrient-rich perfusate through the organ at near-body temperature. In addition, NMP devices enable real-time monitoring of organ condition during storage and transport. This aims to help prevent the transplantation of organs with impaired function—with the goal of improving transplant success rates—as well as leading to a more effective use of organs from marginal donors.

OrganOx’s liver NMP device, metra, received FDA approval in 2021 and was launched in the U.S. in 2022. The device has also obtained regulatory approvals in the EU, UK, Australia, and Canada, and is currently being commercialized in all of these regions. To date, the device has been used in over 6,000 liver transplant procedures worldwide. OrganOx has established itself as a leader in liver NMP technology and aims to achieve revenue growth that significantly outpaces overall industry expansion. In addition, OrganOx is currently developing a kidney NMP device, with commercialization targeted around 2030.

Terumo has already made a strategic investment via its corporate venture capital arm, Terumo Ventures, in March 2025. The acquisition of OrganOx is aimed at enhancing Terumo’s business portfolio and establishing a new growth driver for the medium to long term by entering the organ transplantation-related sector. Going forward, Terumo aims to deliver NMP devices with greater added value by actively pursuing synergies between the two companies, harnessing the full range of assets across the Terumo Group. Through these efforts, Terumo will offer innovative solutions to address the challenges faced by both transplant patients and healthcare providers.

“We are thrilled to welcome OrganOx—a leading innovator in organ preservation technology—into the Terumo Group, marking our entry into the organ transplantation field,” said Hikaru Samejima, Chief Executive Officer of Terumo Corporation. “Organ transplantation represents a last resort for patients with limited treatment options, and addressing the unmet needs in this area carries significant social value. Donated organs are an extremely precious medical resource, and OrganOx’s mission to deliver transplantable organs in optimal condition deeply resonates with our unwavering commitment to patients—Our Promise. Together with OrganOx, we will strive to provide innovative solutions to tackle the diverse challenges surrounding organ transplantation.”

“OrganOx is a pioneer and leader in organ transplantation technology,” said Oern R. Stuge MD, MBA, and Executive Chairman of OrganOx. “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.”