Exit at $1.5bn valuation marks BGF’s largest ever return and highlights the importance of patient capital in scaling UK medtech innovation
LONDON, Aug. 25, 2025 /PRNewswire/ — BGF, the UK and Ireland’s most active growth capital investor, today announces the successful exit of OrganOx, the Oxford-based medtech company whose pioneering liver perfusion technology has transformed outcomes for transplant patients worldwide.
The deal represents one of the largest exits of a UK medtech company, at $1.5bn (the total transaction value is approximately $1.5bn). It also marks BGF’s largest-ever return, generating £175m of proceeds. The deal has driven a 10x money multiple (MM) exit on BGF’s initial investment and an overall IRR in the region of 69 percent.
BGF first invested in OrganOx in 2019 and has provided seven rounds of investment, including a £20m commitment earlier this year. BGF participated in each of the funding rounds following its initial investment and is the company’s largest shareholder. Other early backers of the company included Longwall Ventures and Oxford Investment Consultants. In the later stages of development, OrganOx was fortunate to attract capital from Lauxera Capital Partners (US/Fr), HealthQuest (US) and others joining in support.
Founded out of the University of Oxford, OrganOx developed the world’s first fully automated device for liver preservation, metra, which enables donor livers to be maintained in a functioning state outside the human body for up to 24 hours. The technology, used in more than 6,000 liver transplants to date, has significantly increased the number of viable organs available for transplant and improved patient outcomes.
With BGF’s support, OrganOx has scaled into a world-leading medtech company. The business will continue to operate from Oxford as a standalone division within global healthcare company Terumo Corporation, following the completion of the transaction.
Tim Rea, co-head of early stage investing at BGF and a member of the OrganOx board since 2019, said: “OrganOx has transformed liver transplantation and built a world-class position in medtech. In a sector where institutional capital is constrained, this exit highlights the importance and potential of patient growth capital, and a willingness to back innovation before it is de-risked — something many investors find difficult to do in this still nascent market.”
“BGF was built to deploy capital into underserved parts of the investment market. In early stage medtech, we have gone further by deliberately backing companies with significant hardware and manufacturing complexity. Our capital and commercial expertise made us ideally placed to take on this challenge and OrganOx is a powerful example of why that strategy matters.”
Oern R. Stuge MD, MBA, and Executive Chairman of OrganOx said: “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.
“Thank you to BGF who have shown conviction and support as an investor and board member since their first investment. Their capital and leadership have enabled the value creation inherent in today’s announced $1.5bn transaction.”
Andy Gregory, CEO of BGF, said: “At a ten-figure valuation, we are incredibly proud to have played a key role in one of the UK’s largest medtech exits. It reflects a remarkable achievement by the OrganOx team, and we are especially proud that this success is tied directly to a positive impact in patient outcomes.
“By combining early and growth-stage investing across multiple sectors, BGF has created the right blend to deliver strong, sustainable and repeatable returns. Our ambition now is for more capital to flow into the UK’s most promising companies — whether through co-investments with international, specialist investors, or domestic sources.”
Alongside OrganOx, BGF has backed several high-potential UK medtech companies including Cyted, which uses AI-enabled diagnostics for early cancer detection; TidalSense, which develops innovative respiratory monitoring technology; and Entia, a home blood testing platform supporting cancer care.
The deal follows BGF’s recent exit from Panthera Biopartners, a leading clinical trials site management organisation. During BGF’s investment period, Panthera’s revenue more than doubled and the business expanded its national footprint and therapeutic coverage.
BGF is one of the largest and most experienced growth capital investors in the UK and Ireland, backing entrepreneurs and innovators, typically providing initial investments of between £3m and £30m in high potential businesses. BGF recently pledged £500m to early-stage deep tech and life sciences businesses as part of its wider £3bn UK-wide strategy to support high-potential companies over the next five years.
Notes to editors
The leadership team at OrganOx includes Craig Marshall, CEO, who transitioned to the role of CEO in 2017 and has lead the company’s efforts since then; Stephen Deitsch, Chief Financial Officer, who was central to building out the platform that has enabled the company to scale, and critical to the success of the company’s $160m fundraise round in February 2025 and the delivery of this exit; Rupa Basu, Global Chief Commercial Officer, who joined the company in 2022 has been central to the company’s successful launch and scale-up in the US market.
OrganOx’s academic founder and Chief Technology Officer, Constantin Coussios, who founded the business with Peter Friend, Chief Medical Officer, has been closely involved in many aspects of developing the business, building the product and supporting team expansion.
Craig Marshall, CEO, OrganOx said: “Once BGF had a Board seat in 2019, occupied by Tim Rea, I knew that if we succeeded in maintaining our focus and momentum as a business and a team, that OrganOx would not run out of funds in the future. BGF’s conviction remained with us throughout, and they not only participated in every round of funding after their first investment but initiated and shaped a number of these funding rounds.”
Stephen Deitsch, CFO, OrganOx said: “It’s been an honour working alongside the BGF team, whose operational and financial contributions from 2019 through 2025 have enabled OrganOx’s global market leadership, culminating in today’s announced $1.5bn deal with record returns for BGF.”
Rupa Basu, Global CCO, OrganOx said: “Thanks to the support of BGF we rapidly expanded our global footprint, positively impacting both patients and healthcare providers while honouring the generosity of over 6,000 donors.”
About BGF
BGF was set up in 2011 and has invested £4.5bn in over 600 companies, making it the most active investor in the UK and Ireland. Its shareholders are Barclays, HSBC, Lloyds Banking Group and NatWest.
In early stage, BGF specialises in investing in deep tech and life sciences. It has a dedicated team that backs between five and 10 companies a year.
BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses through its network of 15 offices.
See: www.bgf.co.uk
About OrganOx
OrganOx is a commercial stage organ technology company, spun out of the University of Oxford in 2008, dedicated to developing technologies to improve outcomes for patients with acute or chronic organ failure. The OrganOx metra® is a normothermic machine perfusion (NMP) platform approved in the U.S., Europe, Canada, and Australia. It has been utilized in over 6,000 liver transplants to date to keep donor livers in a metabolically active state outside the body so that functional assessment of the organ can be performed prior to transplant, leading to an increased number of organs available for transplant. Learn more at www.organox.com.
About Terumo
Terumo is a global leader in medical technology and has been committed to “Contributing to Society through Healthcare” for 100 years. Based in Tokyo and operating globally, Terumo employs more than 30,000 associates worldwide to provide innovative medical solutions in more than 160 countries and regions. The company started as a Japanese thermometer manufacturer, and has been supporting healthcare ever since. Now, its extensive business portfolio ranges from vascular intervention and cardio-surgical solutions, blood transfusion and cell therapy technology, to medical products essential for daily clinical practice such as transfusion systems, diabetes care, and peritoneal dialysis treatments. Terumo will further strive to be of value to patients, medical professionals, and society at large.
Media contact:
Peter Hewer/Jemima Black
Greenbrook
bgf@greenbrookadvisory.com
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