August 20, 2019, by Marine Energy SIMEC Atlantis Energy recently decommissioned its SeaGen tidal turbine in Strangford Narrows, Northern Ireland. The project was partly funded by the UK Department of Trade and Industry (DTI) and the UK Government granted 5.2m towards it. It is more than four times as powerful than the worlds second most powerful tidal current system, the 300KW SeaFlow that was installed off Lynmouth on the north Devon coast more than five years ago. Data used to inform the decommissioning EIA is based upon the evidence gathered during the EMP since the pre-construction EIA. The SeaGen turbine was installed in 2008 and exported over 11.6GWh during its useful life. The company completed an initial public offering in March 2001, and is traded on the Nasdaq Stock Market under the symbol SGEN. The final major lift operations included the rigging, cutting and lifting of the over 500 tonne structure by KML which was safely and expertly executed at Strangford Lough. The company also has a clinical pipeline of 12 more potential candidates. It's a potential game changer for the business, but that doesn't mean . It exported over 11.6GWh of power during its useful life and the lessons learned from the project have underpinned both present and future global tidal turbine development whilst helping to shape the success of MeyGen, the worlds largest multi-megawatt tidal stream array. The idea is that its antibody-drug conjugates (ADC) can differentiate between cancer and healthy cells, so the medicine only acts where it is needed. We use your data to ensure you have a secure and enjoyable user experience when visiting our site. That works out to a year-over-year gain of around 7% at the midpoint. Benzinga does not provide investment advice. For more information and how to manage your privacy settings, please refer to our privacy and cookie policies. The programme included the presence of a marine mammal observer on SeaGen at all times during the commissioning phase, where SeaGen only operated during daylight hours, to observe how it interacted with the Loughs marine life. Partnership Deal Merck invested in Seagen in 2020 as part of a drug partnership with the biotech firm and has already tested some of Seagen's drugs in combination with Keytruda. Stock-Split Watch: 3 Fantastic Growth Stocks That Could Split Their Shares in 2023, Prediction: These Will Be 4 of the Most Valuable Stocks by 2040, 3 No-Brainer Stocks to Buy With $300 Right Now, A Bull Market Is Coming: 1 Unique Growth Stock Down 71% to Buy Now and Hold Forever, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. 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This includes a 77% stake in the world's largest tidal stream power project, MeyGen, and 100% ownership of the 220MW Uskmouth power station conversion project. SeaGen is owned and operated through Sea Generation Ltd. (SGL), a wholly owned subsidiary of MCT, which in turn is now owned by Atlantis. Merck (MRK) Q1 2023 Earnings Call Transcript, Merck Makes a Bold Move That Could Transform Its Business. Given the difficulty in valuing ADC technology and its inherent risk, a collaborative route may be safest for Merck. Recharge is part of DN Media Group AS. That was $28.2 million more than consensus expectations. The surface piercing tidal SeaGen system was installed in 2008 and became the worlds first commercial scale, electricity generating, grid connected tidal stream project. Having fallen more than 22% over the last month, Seagen Inc SGEN shares are now trading down about 15% year-to-date. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. From commissioning in 2008, SeaGen generated 10MWh of electricity twice daily with the tides, and overall, generated a staggering 11.6GWh which was enough to supply 1,500 average households for the eight years of operation. This marks the conclusion of the 1.2 MW SeaGen tidal stream energy project lifecycle and is the first commercial scale tidal turbine development to be fully . Decommissioning will not take place during common seal pupping season (May to August); Undertake decommissioning operations between January and March when abundance of marine mammals is low in order to reduce risk of potential noise disturbance to marine mammals; Undertake decommissioning operations between January and March when abundance of marine mammals is low in order to reduce the risk of collision with decommissioning equipment. Seagen reported fourth-quarter 2021 earnings after the market closed on Feb. 9. The system will act as a prototype for even larger installations. It brought in $353 million in sales for Seagen last year. Seagen also has a deal with Pfizer's Array BioPharma to develop, make and sell the breast and colorectal cancer treatment Tukysa. The companies have been working together since 2020 to look at the therapy by itself and in combination with Merck's Keytruda. Maximum vessel speeds to be implemented; Reduce potential spread of non-native species through decommissioning activities via DWCT or AWJ; and. Merck has one of the premier oncology franchises in the industry and sells $17 billion of industry-leading cancer drug Keytruda. The SeaGen tidal turbine was installed in Strangford Narrow, Strangford Lough, Northern Ireland by Marine Current Turbines Ltd (MCT) in 2008 in order to study tidal energy technology through the investigation of engineering, management systems, and environmental impacts. Opinion: Its time for California to decide the future of its floating offshore wind industry, Hydropower installation falls a quarter behind annual target IHA, Russian forces accused of destroying Nova Kakhovka dam, Torrent signs MoU for 5.7GW pumped storage hydro projects in India, Virtually powerful: why the time of the virtual power plant has arrived, Weekly data: How Central Eastern Europe can accelerate its renewables rollout, Whos investing where? Simec Atlantis Energy Limited has successfully decommissioned the SeaGen tidal turbine support structure in Strangford Narrows, Northern Ireland, marking the completion of the 1.2MW SeaGen tidal stream energy project lifecycle and the first commercial scale tidal turbine development to be fully decommissioned. We use cookies in a variety of ways to improve your experience, such as keeping NHST websites reliable and secure, personalising content and ads and to analyse how our sites are being used. Analysts expect Seagen could bring in as much as $7 billion annually by 2028. The company is jointly developing brentuximab vedotin in collaboration with Takeda Pharmaceutical Company. Natalie Forbes has positions in Merck & Co. Some news suggested that Merck was struggling to put a valuation on Seagen, followed by last week's headlines that the talks had hit a snag over pricing. You can read more about how we handle your information in our privacy policy. From November 1st DN Media Group is responsible for controlling your data on Recharge. Irish energy company ESB Independent Energy bought the power generated by the turbines for its customers in Northern Ireland and the Republic of Ireland. The world first industrial-scale tidal power turbine, Simec Atlantis Energy's 1.2MW SeaGen unit, has been decommissioned at its site in Strangford Lough, in Northern Ireland. The project was given an environmental all-clear in January 2012 under the Environmental Monitoring Programme led by environmental consultancy Royal Haskoning. MCT is a UK-based company established in 2000. It is mandatory to procure user consent prior to running these cookies on your website. An Environmental Impact Assessment (EIA) was undertaken by Royal Haskoning DHV and completed in June 2005 with the production of an Environmental Statement (ES). Language links are at the top of the page across from the title. Terranova told CNBChe has risk managementdisciplinesin placeand current market conditions put him in a position where he needed to exit the stock. Independent Composites Ltd., 2020. Meanwhile, Seagen offers sophisticated technology that directly targets a tumor to improve cancer treatment. The SeaGen unit was the world's first industrial-scale tidal power turbine, a 'surface piercing' design that featured twin 16-metre-diameter rotors that could be raised and lowered into the water on a central foundation column, was installed installed in 2008 by then-owner Marine Current Turbines and later acquired by Siemens and sold on to Sime. Is the tide turning for Australias fossil fuel exports? Announces Corporate Name Change to Seagen Inc", "Merck in advanced talks to buy Seagen in nearly $40-bln deal - WSJ", "Merck Deal for Seagen Seen as Unlikely by Earnings Release", Brentuximab Vedotin (SGN-35) in Patients With Relapsed or Refractory Systemic Anaplastic Large-Cell Lymphoma: Results of a Phase II Study, Enfortumab Vedotin (ASG-22ME, Formerly AGS-22M6E) Clinical trials, Anti-Nectin-4 monoclonal antibody-drug conjugate AGS-22M6E, https://en.wikipedia.org/w/index.php?title=Seagen&oldid=1148787253, Pharmaceutical companies of the United States, Health care companies based in Washington (state), Biotechnology companies of the United States, Biotechnology companies established in 1997, Pharmaceutical companies established in 1997, 1997 establishments in Washington (state), Pages with non-numeric formatnum arguments, Articles with self-published sources from July 2020, Articles needing additional references from July 2020, All articles needing additional references, Articles lacking reliable references from November 2015, Articles with multiple maintenance issues, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, ASG-5ME: product candidate for the treatment of solid tumours (targets, This page was last edited on 8 April 2023, at 09:40. In fact, the two companies already have several ongoing collaborations. Dive Awards 2020 Biotech of the Year: Seagen Approvals for the company's second and third drugs were quickly followed by a billion-dollar deal with Merck. Mar 5, 2023 Listen to this article 3 min A Feb. 27 Wall Street Journal report that pharmaceutical giant Pfizer Inc. (NYSE: PFE) is looking to acquire Bothell-based biotech Seagen Inc. set off. MeyGen has now exported circa 19GWh of electricity to the national grid and its total system availability, a key performance metric, is approaching 90% for 2019 to date. Seagen (SGEN) Stock Falls 6% After Director Sells Shares. ADC technology has great potential but has delivered mixed results. SeaGen is now considered to have served its R&D purpose and Atlantis has taken the decision to decommission the device. To expand on the clinical opportunities of brentuximab vedotin, Seattle Genetics is conducting a broad clinical development program[4] click here. Overall, about a dozen ADCs have been approved to treat a variety of cancers. It is a competitive area, as there are as many as 50 smaller biotechs developing their own unique twist on the basic technology, but Seagen has one of the deepest portfolios, with four approved drugs. The company, headquartered in Bothell, Washington (a suburb of Seattle), is the industry leader in antibody-drug conjugates or ADCs, a technology designed to harness the targeting ability of monoclonal antibodies to deliver cell-killing agents directly to cancer cells. The company's flagship product Adcetris (brentuximab vedotin)[3] is commercially available for four indications in more than 65 countries, including the U.S., Canada, Japan and members of the European Union. The twin rotors generated electricity once the tide ran faster than 1m/s. 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