Oxford-based OrganOx has been sold in a mammoth 拢1.1bn deal.
The company鈥檚 pioneering liver perfusion technology has transformed outcomes for transplant patients worldwide.
One of UK鈥檚 largest MedTech exits to date, it marks investor BGF鈥檚 largest ever return, generating 拢175m of proceeds – a 10x multiple exit on its initial investment.
BGF first invested in OrganOx in 2019 and has provided seven rounds of investment, including a 拢20m commitment earlier this year. It is OrganOx鈥檚 largest shareholder.聽
Other early backers of the company included Longwall Ventures and Oxford Investment Consultants. In the later stages of development, OrganOx attracted capital from international investors including Lauxera Capital Partners and HealthQuest.
Founded out of the University of Oxford, OrganOx developed the world鈥檚 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.
The business will continue to operate from Oxford as a standalone division within global healthcare company Terumo Corporation, following the completion of the transaction.
鈥淎t a 10-figure valuation, we are incredibly proud to have played a key role in one of the UK鈥檚 largest medtech exits,鈥� said Andy Gregory, CEO of BGF.聽
鈥淚t 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.
鈥淏y 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鈥檚 most promising companies 鈥� whether through co-investments with international, specialist investors, or domestic sources.鈥�
Oern R. Stuge, MD and executive chairman of OrganOx, said: 鈥淭oday鈥檚 announced transaction is expected to expand the adoption of our transplantation technology platform by leveraging Terumo鈥檚 global infrastructure to benefit more patients around the globe.
鈥淭hank 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鈥檚 announced $1.5bn transaction.鈥�
The deal follows BGF鈥檚 recent exit from Panthera Biopartners, a clinical trials site management organisation.
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