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Expanding opportunities for organ transplantation worldwide and contributing to the advancement of transplant medicine

Oxford, England and Madison, New Jersey– August 25, 2025 – 

Terumo Corporation (TSE: 4543, “Terumo”) today announced that Terumo has entered into a definitive agreement dated August 23, 2025, with OrganOx Limited (“OrganOx” or the “Company”), 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 USD $1.5 billion*1.

Founded in 2008 by Professor Peter Friend and Professor Constantin Coussios as a spin-off from the University of Oxford, OrganOx is a pioneering medical technology company specializing in advanced organ preservation devices for Normothermic Machine Perfusion (NMP). 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.

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 long-standing expertise in designing medical devices and equipment with OrganOx’s advanced capabilities in 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*2 organs, enhancing post-transplant outcomes, and reducing the burden on healthcare professionals through minimizing nighttime and emergency procedures.

“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.”

Terumo has built a strong relationship with OrganOx through active collaboration over the years and strengthened this partnership through a strategic investment made in March 2025 via its corporate venture capital arm, Terumo Ventures.

“This transaction represents an important milestone for OrganOx and its shareholders,” said Craig Marshall, Chief Executive Officer of OrganOx. “We look forward to continuing our rich history of collaboration with Terumo to continue harnessing our collective innovations to improve patient care.”

, received FDA approval in 2021 and was launched in the U.S. market in 2022. The device has also obtained regulatory approvals in the EU, UK, Australia, and Canada, and is currently being commercialized in all these regions. To date, the device has been used in over 6,000 liver transplant procedures worldwide.

“Our NMP technology uniquely addresses the quadruple aim of healthcare by benefiting patients, healthcare providers, population health, and the cost of care,” said Steve Deitsch, OrganOx’s Chief Financial Officer. “Thank you to our top tier group of investors, including among others Business Growth Fund (BGF), Lauxera Capital, HealthQuest Capital, Sofina, Oxford University, Longwall Ventures, Technikos, Oxford Investment Consultants, and Intuitive Ventures who provided both the capital and leadership to enable the value creation inherent in today’s announced $1.5 billion transaction.”

Perella Weinberg Partners and Piper Sandler served as OrganOx’s financial advisors and Latham & Watkins acted as legal counsel to OrganOx in this transaction.

*1 This figure is a preliminary estimate as of today. The final transaction value will be determined upon completion of the acquisition, following adjustments for OrganOx’s cash and cash equivalents, interest-bearing debt, and working capital.

*2 Marginal donors are individuals who fall outside the standard criteria for organ donation—due to factors such as advanced age, pre-existing medical conditions, or donation following cardiac death. Expanding the use of organs from marginal donors is expected to increase the availability of transplantable organs and contribute to reducing the number of patients on transplant waiting lists.

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.

Terumo (TSE: 4543) 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.

Medical Device

Terumo to acquire OrganOx Limited, a leading innovator in organ preservation devices, marking strategic entry into the organ transplantation-related sector

2025

Acquisition will Accelerate Global Expansion of Company’s Breakthrough Edison® Histotripsy Platform and Non-Invasive Tumor Therapy

, the developer of the Edison® Histotripsy System and novel histotripsy therapy platform, today announced a management-led majority stake acquisition by a syndicate of globally recognized private and public investors, including K5 Global, Bezos Expeditions, Wellington Management and other new and existing investors. The transaction values HistoSonics at approximately $2.25 billion and positions the company for accelerated growth of the Edison System across new clinical indications and global markets.

HistoSonics will continue to be led by President and Chief Executive Officer, Mike Blue, and his executive team. Mr. Blue will also assume the role of Chairman of the Board upon closing.

“Our relentless focus as a company has been speed, scale, and the urgency to offer patients a better option than any they have today,” said Mr. Blue. “This new group of partners backs category-defining companies that transform entire industries. Their support gives us the firepower to accelerate our momentum, expand into new clinical indications, and reach even more patients around the world who urgently need our breakthrough therapy.”

HistoSonics plans to expand beyond its initial focus on liver tumors to kidney, pancreas, and prostate indications, with a long-term vision of histotripsy being used across a wide range of clinical applications throughout the body, treating both benign and malignant conditions.

“What stood out with HistoSonics wasn’t just the technology, it was the speed and clarity with which the team turned a breakthrough into real clinical traction,” said Bryan Baum, Co-Founder and Managing Partner, K5 Global. “Hospitals are continuing to order systems, patient demand is surging, and the clinical results speak for themselves. We partnered with HistoSonics because this is one of those rare moments where the science, the execution, and the opportunity all align, and we are here to ensure it reaches every hospital in the world.”

HistoSonics, founded in 2009, received FDA De Novo clearance in October 2023 and uses non-invasive focused ultrasound energy to mechanically destroy and liquify targeted tissue and tumors at a sub-cellular level and without the invasiveness or toxicity of traditional procedures.

To date, over 2,000 patients have been treated by the Edison system at over 50 leading U.S. medical centers, with another 50 planned system installations by year-end. Supported by extensive preclinical and clinical research across multiple organ systems, including liver, kidney, pancreas, prostate and others, the company is currently enrolling patients in clinical trials for liver tumors, kidney tumors (HOPE4KIDNEY Trial NCT05820087) and pancreas tumors (GANNON Trial NCT06282809), with plans to start others in the near future.

Additional participants in the transaction include top‑tier global investment firms, including Alpha JWC Ventures, alongside existing investors Alpha Wave Ventures, Venture Investors Health Fund, Lumira Ventures, Hatteras Venture Partners, Early Stage Partners, Amzak Health, HealthQuest Capital, Yonjin Venture, the State of Wisconsin Investment Board, the State of Michigan Retirement System, Johnson & Johnson through its corporate venture capital organization, Johnson & Johnson - JJDC, Inc. (JJDC), and others.

Citi served as financial advisor and Fox Rothschild served as legal advisor to HistoSonics. Morgan Stanley & Co. LLC served as financial advisor and Cooley, with assistance from Orrick, served as legal advisors to the investment syndicate. Wilson Sonsini Goodrich & Rosati served as legal advisor to Histosonics’ existing major shareholders.

HistoSonics is a privately held medical device company developing a non-invasive platform and proprietary sonic beam therapy utilizing the science of histotripsy, a novel mechanism of action that uses focused ultrasound to mechanically destroy and liquify unwanted tissue and tumors. The company is currently focused on commercializing their Edison System in the US and select global markets for liver treatment while expanding histotripsy applications into other organs like kidney, pancreas, prostate, and others. HistoSonics has offices in Ann Arbor, MI and Minneapolis, MN. For more information on the Edison Histotripsy System please visit: 

. For patient-related information please visit: 

HistoSonics Announces $2.25B Acquisition by Consortium of Top-Tier Investors

Healthcare IT

Garheng Kong named top healthcare investors of 2025 by GrowthCap

Combination pairs leading brands: Remedy Meds, Keeps, Nurx, and Cove, with a nationwide clinician and pharmacy network to expand access to high-demand, digitally scalable treatments.

SUMMIT, N.J., Sept. 3, 2025 /PRNewswire/ -- Remedy Meds, LLC, a consumer virtual-care and pharmacy platform, today announced it has entered into a definitive agreement to acquire Thirty Madison, Inc. ("Thirty Madison"). The transaction creates a larger, multi-brand platform across women's, men's, and metabolic health.

The transaction, which is valued just north of $500M, will be funded through an all-stock deal. Closing is expected in Q4 2025, subject to customary closing conditions and regulatory review.

"By bringing together Thirty Madison's trusted brands with Remedy Med's acquisition engine, retention system, and pharmacy infrastructure, we will broaden access, shorten time-to-treatment, and maintain the financial discipline that has defined our growth," said Haris Memon, Founder and CEO of Remedy Meds.

"Thirty Madison and Remedy Meds share a belief that patients deserve a better healthcare experience. Together we will deliver on making high-quality specialty care easier to access for millions of patients across the conditions we serve. I'm grateful to our teammates, clinicians, and partners who made this possible — and incredibly excited for what we'll build together in this next stage of growth as a part of Remedy Meds," said Demetri Karagas, CEO and Co-Founder of Thirty Madison.

Remedy Meds is a consumer health platform that combines a performance-driven acquisition engine, a clinical retention system, and a national, integrated pharmacy care network to deliver affordable, convenient treatment for high-demand conditions.

Thirty Madison offers end-to-end, high-quality virtual specialized care for patients experiencing a range of conditions. Through its brands — Keeps for men's hair loss, Nurx for women's health, and Cove for migraine — Thirty Madison supports the unique needs of its patients with ongoing access to personalized care and specialty-level telemedicine. Thirty Madison's unique care model delivers care that is accessible, affordable, and focused on improving outcomes.

Remedy Meds to Acquire Thirty Madison, Expanding Telehealth Capabilities Across Men's, Women's, and Metabolic Health

Truven's portfolio of real-world data, healthcare analytics and member engagement solutions expands to include Springbuk's Health Intelligence Platform and Activate Marketplace

ANN ARBOR, Mich., Sept. 10, 2025 /PRNewswire/ -- Truven by Merative, a leading portfolio of healthcare analytics and real-world data solutions, has acquired Springbuk, a leading health intelligence platform for employers and their advisors. This transaction adds more than 7,500 small- and mid-market employers to the Truven customer base that already includes more than 40 percent of Fortune 100 employers and 7 of the top 10 U.S. health plans by enrollment. 

Employer-sponsored healthcare, often the second-largest expense for companies after the cost of goods and services, is a key focus as businesses emphasize employee wellbeing. Over the last five years, the average premium for family coverage

. Truven and Springbuk share a common goal of using data, analytics and software platforms to identify the insights and actions required to inform healthcare program decisions and reduce the rising costs of employer-sponsored healthcare.

"Truven and Springbuk are a powerful combination that can scale to meet a wide range of employer needs," said Marcy Tatsch, executive vice president and general manager, Truven. "From small businesses looking for streamlined options to the nation's largest employers and health plans with complex analytics and care management needs, Truven's portfolio can quickly get them the actionable insights they require."

Truven and Springbuk bring together several proven solutions that will continue to serve the employer market. The solutions include:

"Our team remains relentlessly focused on tackling the issues of rising healthcare costs, benefits program effectiveness, and improving the health of employees," said Joy Powell, chief executive officer of Springbuk. "By joining Truven, Springbuk will scale and help more employers leverage the benefits of Truven's one-of-a-kind MarketScan data, industry benchmarks and advanced analytics."

Raymond James & Associates, Inc. served as financial advisor, and Holland & Knight LLP served as legal counsel to Springbuk, Inc., while Benesch Friedlander Coplan & Aronoff LLP served as legal counsel to Merative.

About Truven
Truven is a portfolio of healthcare data and analytics solutions, backed by 40 years of deep healthcare expertise. We help organizations understand, enhance and maximize healthcare data to drive better health and financial outcomes. Through best-in-class data quality and market-leading solutions like Health Insights and MarketScan, Truven serves 7 of the top 10 U.S. health plans, more than 40% of the Fortune 100, and the top global pharmaceutical companies. Truven is part of Merative, a standalone company established by majority investor Francisco Partners in July 2022. Learn more at Truven.com

About Springbuk
Springbuk is a premier data and analytics partner for health benefits and point solutions. Our team's mission is to guide every healthcare decision with data. Since 2015, we've helped organizations unlock data-driven insights to strengthen their health investments, personalize condition management, and drive ROI-backed wellbeing strategies. By combining advanced data science with clinical expertise, Springbuk equips employers and their advisors with the clarity and confidence to take action – before costs rise or opportunities are missed. With Springbuk, it's more than health benefits data. It's direction. Learn more at springbuk.com

Truven acquires Springbuk to help employers make better, faster healthcare decisions

Boston Scientific Announces Agreement to Acquire Cortex, Inc.

2024

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Nate Burns joined HealthQuest in 2026 as a Partner focused on the Tactical Opportunities Fund.  He brings more than 20 years of growth‑oriented investment experience across the healthcare, consumer, and technology sectors, with deep expertise spanning growth equity and debt financings, control‑oriented leveraged buyouts, distressed recapitalizations, IPOs, and M&A.  Over the course of his career, Nate has led successful structured investments in numerous healthcare companies including Caris Life Sciences (Nasdaq IPO: CAI), Castle Biosciences (Nasdaq IPO: CSTL) and CareDx (Nasdaq: CDNA).  He also brings meaningful operating experience, having led comprehensive operational restructurings at Hostess Brands and Tandem Hospital Partners.

Prior to joining HealthQuest, Nate served as Managing Director and Healthcare Portfolio Manager at Highland Capital Management, a global alternative investment manager.  In this role, he was responsible for all healthcare public and private debt and equity investments across the Highland platform.  His responsibilities included serving as Portfolio Manager of the NexPoint Capital Healthcare BDC and the Highland Long‑Short Healthcare Fund, as well as Key Man of the Stonebridge‑Highland Healthcare Private Equity Fund.

Earlier in his career, Nate was a member of the investment team at Ripplewood Holdings, where he led control‑oriented leveraged recapitalizations and growth equity investments across the healthcare, consumer, and technology industries.  He began his career as an Analyst in the Global Technology Mergers & Acquisitions Group at Lehman
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Nate holds a B.S. in Analytical Finance and Economics, 

 and Phi Beta Kappa, from Wake Forest University, and an MBA with Dean’s Honors and Distinction from Columbia Business School.  He is also a CFA charterholder.

Outside of work, Nate enjoys spending time with his wife and their two children and is an avid golfer.

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