Techshot, a space biotechnology business, has been purchased by Redwire, a company that has grown via the acquisition of a chain of space technology startups. Techshot, an Indiana-based business that creates biotechnology payloads for microgravity research, was purchased by Redwire on November 2. The terms of this sale were not disclosed by Redwire.
John Vellinger and Mark Deuser launched Techshot to commercialize research that began when Vellinger was a Purdue University student constructing a payload that was flown on the space shuttle to investigate chicken embryo growth in orbit. The company, which now has roughly 50 workers, has subsequently produced a variety of biotechnology as well as physical sciences research payloads, such as a bioprinter capable of manufacturing human tissues that are currently on the International Space Station.
In a press release announcing the acquisition, Vellinger, who is the president of Techshot, said, “As a piece of Redwire, we presently have so much of the assets we need to assist speed up the development of our diverse portfolio of latest space biomedical technologies while continuing to provide excellent service to our research as well as deep space exploration customers.”
Redwire, which was created last year by a private equity company AE Industrial Partners by uniting two businesses it had purchased, Adcole Space and Deep Space Systems is the latest company it has acquired. Made In Space, which is a space manufacturing company, as well as Deployable Space Systems, which is a creator of spacecraft frames and solar arrays, are among the companies it has bought since then.
“Bringing Techshot’s strong position in the commercial space biotechnology together with Redwire’s lead position in the on-orbit material production adds considerable scale and synergy to the commercial space services,” stated Peter Cannito, chairman and CEO of Redwire. “This is a huge step forward in our ambition for people working and living in orbit for the sake of the terrestrial economy,” said the team.
Redwire’s choice to go public via a merger with a SPAC (special purpose acquisition company, was influenced by its ambition to make more acquisitions. Redwire became a publicly traded corporation on New York Stock Exchange on September 2, following the completion of the merger. Before the news of the Techshot purchase, the company’s shares had traded as little as $8.78 in early October. They closed on November 1 at $12.72.
Redwire executives claimed earlier this year that these proceeds of the SPAC deal, which were valued at $170 million when released in March, would be used as “dry powder” for future acquisitions. While the company had put such agreements on hold while it finalized the SPAC merger, officials indicated they had a range of potential acquisitions in the works.
“Redwire is best situated as a first-mover sector consolidator,” Cannito said in a presentation to analysts in July, where he as well as other executives described the company’s objectives. “Space is a highly decentralized market, and Redwire has been the go-to buyer, merging niche technology companies with a long history of flying with new space startups with breakthrough innovations.”