Loans for Acquisition of U.K.-based OrganOx Limited by Terumo Corporation
Supporting Overseas M&A of Japanese Companies

• Region: Europe
• Manufacturing and Services
• Overseas Investment Loans

1. The Japan Bank for International Cooperation (JBIC; Governor: AMAKAWA Kazuhiko) signed a loan agreement^*1 amounting to JPY49 billion (JBIC's portion) with Terumo Corporation (Terumo). The loan is co-financed with private financial institutions^*2, bringing the total co-financing amount to JPY99 billion.
     
2. The loan is intended to finance part of the funds necessary for Terumo to acquire OrganOx Limited (OrganOx), a U.K.-based company.
     
3. In the field of organ transplantation, the world faces a shortage of transplant organs relative to the number of patients awaiting transplantation, posing a social issue. Terumo’s recently acquired OrganOx is a company spun out of the University of Oxford in the U.K. The company designs and develops devices used to preserve donor organs between procurement and transplantation. It has developed a liver preservation device for transplantation that incorporates its normothermic machine perfusion (NMP) technology^*3, which enables longer preservation of organs than conventional methods. The device has already been supplied to medical institutions in Europe and the United States.
     
4. Terumo has been promoting innovation through both its research and development activities and investments in M&As and start-ups, following its five-year growth strategy announced in December 2021. The company entered the organ transplantation-related business by acquiring OrganOx with the aim of building the business into a key driver for its mid- to long-term growth. As organ preservation devices incorporating NMP technology become more widely adopted, the number of organs that cannot be transplanted due to limitations on preservation time is expected to decline. This will lead to a reduction in the number of patients on transplant waiting lists.
     
5. This loan financially supports Terumo in gaining design and development capabilities for organ preservation devices using cutting-edge technologies through this acquisition, thereby contributing toward maintaining and strengthening the international competitiveness of the Japanese medical device industry. It also helps resolve the social issue of a shortage of organs available for transplantation through further enhancing the added value of OrganOx’s organ preservation devices as a result of synergies with Terumo’s existing technologies.
     
6. As Japan’s policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in the overseas expansion of their businesses, including through overseas M&As, in collaboration with private financial institutions.　
     

Note

1. *1 
   The loan agreement was signed on June 10, 2026.
2. *2 
   The co-financed portion consists of a syndicated loan arranged by MUFG Bank, Ltd. and Mizuho Bank, Ltd., with the participation of Aomori Michinoku Bank, Ltd., The Akita Bank, Ltd., The Bank of Iwate, Ltd., The Oita Bank, Ltd., The Kiyo Bank, Ltd., The Keiyo Bank, Ltd., The Bank of Saga, Ltd., The Shikoku Bank, Ltd., The 77 Bank, Ltd., The Shimizu Bank, Ltd., The Juroku Bank, Ltd., The Taiko Bank, Ltd., Daishi Hokuetsu Bank, Ltd., Tsukuba Bank, Ltd., The Toho Bank, Ltd., The Tochigi Bank, Ltd., The Nanto Bank, Ltd., The Nishi-Nippon City Bank, Ltd., Hachijuni Nagano Bank, Ltd., The Hyakujushi Bank, Ltd., The Hokuto Bank, Ltd., North Pacific Bank, Ltd., The Minami-Nippon Bank, Ltd., The Musashino Bank, Ltd., The Yamaguchi Bank, Ltd., The Yamanashi Chuo Bank, Ltd., and other financial institutions.
3. *3 
   The NMP technology enables extended organ preservation by circulating an oxygen- and nutrient-rich preservation solution through the organ at near-body temperature.