Redwire Acquires Techshot, the Leader in Space Biotechnology
Redwire Corporation (NYSE: RDW) announced its acquisition of Techshot, Inc., enhancing Redwire's capabilities in space biotechnology, microgravity research, and bioprinting. This acquisition aims to synergize Redwire's manufacturing strengths with Techshot's innovations in commercial space biotechnology, positioning Redwire for sustained growth in low Earth orbit (LEO). Techshot brings proven products, including 3D biofabrication facilities and variable-gravity platforms, and a strong client base including top pharmaceutical companies. This strategic move is set to propel Redwire's vision of advancing human spaceflight and benefiting Earth-based industries.
- Acquisition of Techshot enhances Redwire's capabilities in biotechnology and microgravity research.
- Increased scale and synergy expected to enhance commercial offerings in LEO.
- Techshot's innovative products and existing contracts with major clients like Eli Lilly and AstraZeneca provide growth opportunities.
- Integration challenges may arise from merging Techshot's operations into Redwire.
- Potential risks linked to the retention of customers and key employees during the integration process.
JACKSONVILLE, Fla., Nov. 2, 2021 /PRNewswire/ -- Redwire Corporation (NYSE: RDW), a leader in space infrastructure for the next generation space economy, today announced that it has acquired Techshot, Inc., a leader in biotechnology in microgravity, bioprinting, and on-orbit manufacturing needed for commercial space-based research and development.
"Techshot's space bioprinting and other proven biotech solutions in microgravity are some of the most consequential innovations in Low Earth Orbit (LEO) with life-saving benefits on and off our home planet," said Peter Cannito, Chairman and CEO of Redwire. "Adding Techshot's leading position in commercial space biotechnology with Redwire's leading position in on-orbit material manufacturing adds significant scale and synergy to our commercial space offerings. This is a giant leap forward in our vision for people living and working in space for the benefit of the terrestrial economy."
This acquisition aligns with Redwire's growth strategy to leverage strategic investments to scale in-space manufacturing in LEO which will directly impact the sustainability of future human spaceflight and deliver optimized products for Earth-based industries. The acquisition of Techshot is value accretive and will provide a complementary suite of products to further advance Redwire's disruptive innovation.
"As part of Redwire, we now have more of the resources we need to help accelerate the development of our growing portfolio of new space biomedical technologies, while we continue to provide great service to our research and deep space exploration customers," said Techshot President and Co-founder John Vellinger. "We're excited to be part of a leading company in the commercialization – and indeed, the industrialization – of low Earth orbit, and beyond."
Since 1988, Techshot has been at the forefront of biological and physical-science research in space. It has developed more than a dozen payloads – four of which currently are operating on the International Space Station. The company's key products include the 3D BioFabrication Facility: the first American system capable of manufacturing human tissue in microgravity; the Multi-use Variable-gravity Platform: containing a set of centrifuges for in-space biological and physical-science research; the Advanced Space Experiment Processor: a multipurpose device for biological research and small scale manufacturing in space; and the Bone Densitometer: an in-orbit X-ray machine chiefly used by Techshot customers for researching new treatments for osteoporosis and muscle wasting diseases.
Techshot's development pipeline includes a new payload for 3D printing metal and electronic components, and devices for manufacturing pharmaceuticals and large quantities of human cells for bioprinting and cell therapies. Beyond operating its own devices, Techshot also manages research in NASA's space station furnaces and the Advanced Plant Habitat.
Techshot's customers include, Eli Lilly and Company, AstraZeneca, UCLA, MIT, and the Geneva Foundation among other government and commercial entities. Based in Floyd County, Indiana, Techshot's 22,000 square foot facility, located near world-class aeronautical and biomedical engineering university programs, will expand Redwire's technology ecosystem with additional engineering labs and payload operations control center.
Following its NYSE debut in September, Redwire recently announced plans to partner with Blue Origin, Sierra Space, Boeing and teammates to develop a commercial space station that will be outfitted with the company's advanced manufacturing capabilities and focused on delivering important Earth benefits—now including bioprinting human tissue and organs for therapeutical applications. Redwire has continued its strong growth trajectory through strategic acquisitions as the company now owns over 25 commercially developed facilities that have flown, are in development or currently operating on the International Space Station.
About Redwire
Redwire Corporation (NYSE: RDW) is a leader in space infrastructure for the next generation space economy, with valuable IP for solar power generation and in-space 3D printing and manufacturing. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit www.redwirespace.com.
Safe Harbor Statement
This press release contains forward-looking statements that may state Redwire's or its management's intentions, beliefs, expectations or predictions for the future. Forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effects on us and are not guarantees of future performance, conditions or results. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as "expect," "anticipate," "should," "believe," "hope," "target," "continued," "project," "plan," "goals," "opportunity," "appeal," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," "shall," "possible," "would," "approximately," "likely," "schedule," and variations of these terms or the negative of these terms and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Although Redwire believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially if underlying assumptions to forward-looking statements prove inaccurate, or if known or unknown risks or uncertainties materialize. Factors that could cause actual results to differ materially from those contemplated above include, among others, risks and uncertainties related to: (1) the integration of Techshot with Redwire, including the ability to retain customers, suppliers and key employees, (2) our limited operating history, (3) the successful development and continued refinement of many of our proprietary technologies, products, and service offerings, which are subject to many uncertainties beyond our control, (4) competition from other companies, (5) our ability to maintain or increase profitability or positive cash flow, (6) adverse publicity to the space sector, (7) unsatisfactory performance of our products and services, (8) undetected defects in our products that may increase our costs, harm our reputation with customers or lead to costly litigation, (9) the growth potential and the market for in-space infrastructure services, (10) our ability to execute our business strategy, (11) any material changes in the proportion of cost-plus-fee or fixed-price contracts in our total contract mix and (12) the useful lives of our systems, products, technologies and services. Additional information concerning these, and other factors can be found in Redwire's filings with the Securities and Exchange Commission, including other risks, relevant factors and uncertainties identified in the "Risk Factors" section of Redwire's Prospectus filed pursuant to Rule 424(b)(3) on October 4, 2021. Any forward-looking information presented herein is made only as of the date of this press release, and Redwire does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the receipt of new information, the occurrence of unanticipated events, or otherwise. Persons reading this press release are cautioned not to place undue reliance on forward looking statements.
Media Contact:
Tere Riley
Tere.Riley@redwirespace.com
321-831-0134
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Investors:
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SOURCE Redwire
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