BGF has announced the successful $1.5 billion exit of OrganOx, the Oxford-based medtech company behind pioneering liver perfusion technology that has transformed transplantation outcomes worldwide.
The deal marks one of the UK’s largest MedTech exits and delivers BGF’s biggest-ever return, generating £175 million of proceeds and a 10x money multiple with an IRR of around 69 per cent.
Since first investing in 2019, BGF has participated in seven funding rounds — including a £20 million commitment earlier this year — and remained OrganOx’s largest shareholder.
Read more: Oxford MedTech business OrganOx receives £4.6m investment from BGF
Founded from the University of Oxford, OrganOx developed metra, the world’s first fully automated liver preservation device. Used in more than 6,000 liver transplants, the technology allows donor livers to remain functional for up to 24 hours, significantly improving transplant success rates and organ availability.
Following the transaction, OrganOx will continue to operate from Oxford as a standalone division within global healthcare leader Terumo Corporation.
Tim Rea, co-head of early stage investing at BGF and OrganOx board member, praised the milestone: “OrganOx has transformed liver transplantation and built a world-class position in medtech… this exit highlights the importance and potential of patient growth capital.”
Oern R. Stuge MD, Executive Chairman of OrganOx, added: “This transaction is expected to expand the adoption of our platform by leveraging Terumo’s global infrastructure to benefit more patients around the globe. Thank you to BGF for their conviction and support since 2019.”
Craig Marshall, CEO of OrganOx, noted BGF’s pivotal role: “Once BGF had a Board seat, I knew that if we maintained focus and momentum, OrganOx would not run out of funds.” CFO Stephen Deitsch and Global CCO Rupa Basu also credited BGF’s financial and operational backing for enabling global growth and life-saving impact.
BGF CEO Andy Gregory 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, directly tied to positive 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.”
The deal further reinforces BGF’s commitment to UK medtech innovation, following recent investments in Cyted, TidalSense and Entia, as well as its £500m pledge to deep tech and life sciences.
