At a $1.5bn valuation, the exit marks BGF’s largest-ever return, and highlights the importance of patient capital in scaling UK medtech innovation.
Today, BGF 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 $1.5 billion. It also marks BGF’s largest-ever return, generating £175 million 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%.
BGF first invested in OrganOx in 2019 and has provided seven rounds of investment, including a £20 million commitment earlier this year. BGF participated in each of the company’s 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, Executive Chairman of OrganOx, commented: “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 $1.5 billion transaction.”
Andy Gregory, CEO of BGF, said: “At a 10-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.”
Craig Marshall, CEO of OrganOx, commented: “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 of OrganOx, added: “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 of 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.”
Constantin Coussios, Co-Founder and CTO of OrganOx, said: “Medical device innovation requires patient and supportive capital to fully realise its life-saving, societal and economic impact. As science-led founders of OrganOx, Peter Friend and I feel privileged to have had the support of BGF and other committed investors to take our technology from university concept to standard-of-care, and see it transform the lives of over 6,000 patients to date.”
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 also 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 recently pledged £500 million to early-stage deep tech and life sciences businesses, over the next five years, as part of its wider £3 billion, UK-wide strategy to support high-potential companies.
