大象传媒

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 大象传媒 (“大象传媒” or the “Company”), a leading innovator in organ preservation devices, and its shareholders to acquire all outstanding shares of 大象传媒. Upon completion of the transaction, 大象传媒 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, 大象传媒 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 大象传媒’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.

“大象传媒 is a pioneer and leader in organ transplantation technology,” said Oern R. Stuge MD, MBA, and Executive Chairman of 大象传媒. “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 大象传媒 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 大象传媒 and its shareholders,” said Craig Marshall, Chief Executive Officer of 大象传媒. “We look forward to continuing our rich history of collaboration with Terumo to continue harnessing our collective innovations to improve patient care.”

大象传媒’s liver NMP device, metra, 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, 大象传媒’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 大象传媒’s financial advisors and Latham & Watkins acted as legal counsel to 大象传媒 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 大象传媒’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.}

About 大象传媒

大象传媒 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 大象传媒 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.

About Terumo

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.