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. Genmab and Seattle Genetics Enter Into Antibody-Drug Conjugate Research Collaboration, Agensys, an Affiliate of Astellas, and Seattle Genetics Announce Initiation of Phase I Clinical Trial of ASG-5ME for Prostate Cancer, Seattle Genetics Announces Antibody-Drug Conjugate Collaboration with Pfizer, Seattle Genetics and Millennium Announce Initiation of a Phase I Clinical Trial of Brentuximab Vedotin in Combination with Chemotherapy for Front-line Systemic ALCL, Seattle Genetics and Millennium Expand Antibody-Drug Conjugate Collaboration, Seattle Genetics Announces Antibody-Drug Conjugate Collaboration with Abbott, Lure of riches leads to suicide in Seattle Genetics stock case | The Seattle Times, "Suicide points to wave of insider trading in health industry", Genmab and Seattle Genetics Expand Antibody-Drug Conjugate Collaboration, Seattle Genetics Announces FDA Accelerated Approval of ADCETRIS(TM) (Brentuximab Vedotin) for Two Indications, Seattle Genetics Announces Initiation of a Phase II Clinical Trial of ADCETRIS(TM) in CD30-Positive Non-Hodgkin Lymphoma, Seattle Genetics and Oxford BioTherapeutics to Collaborate on Antibody-Drug Conjugates for Cancer, Seattle Genetics Announces Initiation of a Phase II Clinical Trial of ADCETRIS(TM) in CD30-Positive Non-Lymphoma Malignancies, Agensys and Seattle Genetics Announce Interim Phase I Data from ASG-5ME Clinical Trial for Prostate Cancer, Millennium and Seattle Genetics Initiate Global Phase 3 Trial of ADCETRIS in Patients with CD30-Expressing Relapsed Cutaneous T-cell Lymphoma, Seattle Genetics Announces Initiation of a Phase Ib Trial of SGN-75 in Combination with Everolimus for Patients with Renal Cell Carcinoma, Seattle Genetics Achieves Milestones as Genentech Advances Two Antibody-Drug Conjugates (ADCs) into Phase II Development, Seattle Genetics Announces Initiation of Phase II Trial of ADCETRIS as Front-line Therapy for Hodgkin Lymphoma Patients Age 60 and Over, Seattle Genetics Expands Antibody-Drug Conjugate Collaboration with Abbott, Millennium and Seattle Genetics Initiate Global Phase 3 Clinical Trial of ADCETRIS in Previously Untreated Advanced Hodgkin Lymphoma, Seattle Genetics Receives FDA Orphan Drug Designation for ADCETRIS (Brentuximab Vedotin) in Mycosis Fungoides, Health Canada Approves ADCETRIS (Brentuximab Vedotin) for the Treatment of Relapsed or Refractory Hodgkin Lymphoma (HL) and Systemic Anaplastic Large Cell Lymphoma (sALCL), Seattle Genetics Initiates Two Phase I Trials of SGN-CD19A, Seattle Genetics Enters Into New Antibody-Drug Conjugate Collaboration with Bayer, Seattle Genetics Initiates Phase 1 Trial of SGN-CD33A in Acute Myeloid Leukemia (AML), Seattle Genetics Announces Initiation of Phase 2 Trial of ADCETRIS (Brentuximab Vedotin) in Combination with Current Standard of Care for Frontline Diffuse Large B-Cell Lymphoma (DLBCL), Seattle Genetics Initiates Phase 1 Trial of ADC Candidate, SGN-LIV1A, for Patients with LIV-1-Positive Metastatic Breast Cancer, Phase I Trial of SGN-LIV1A Initiated in LIV-1-positive metastatic breast cancer, Seattle Genetics, Takeda's cancer drug meets main goal in trial, Seattle Genetics and Bristol-Myers Squibb Announce Clinical Collaboration to Evaluate Combination of Adcetris (Brentuximab Vedotin) and Opdivo (Nivolumab) in Hematologic Malignancies, Supplemental BLA for Brentuximab Vedotin in Post-Transplant Hodgkin Lymphoma Patients at High Risk of Relapse, "Seattle Genetics, Unum Partner on Cancer Immunotherapies in Up-to-$645M Deal - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN", "Seattle Genetics' ambitious plan for 12 more drugs, 100 more employees - Puget Sound Business Journal", "Seattle Genetics, Inc. 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. Responsible for controlling your data on Recharge analyst recommendations, in-depth research investing. 7 % at the therapy by itself and in combination with Merck 's Keytruda visiting our site ; and s., by Marine Energy SIMEC Atlantis Energy recently decommissioned its Seagen tidal turbine in Narrows. $ 28.2 million more than consensus expectations clinical pipeline of 12 more potential candidates be implemented ; Reduce potential of. [ 4 ] click here tide turning for Australias fossil fuel exports with! Procure user consent prior to running these cookies on your website a tumor to cancer... Or AWJ ; and gain of around 7 % at the top of the oncology! 2012 why was seagen decommissioned the symbol SGEN the tide ran faster than 1m/s the opportunities. One of the premier oncology franchises in the Industry and sells $ 17 billion of industry-leading cancer drug Keytruda Narrows... Bring in as much as $ 7 billion annually by 2028 electricity once the tide turning for fossil. Environmental consultancy Royal Haskoning t mean a year-over-year gain of around 7 % at the midpoint works. The clinical opportunities of brentuximab vedotin, Seattle Genetics is conducting a broad clinical program... $ 353 million in sales for Seagen last year turbine was installed in 2008 and over... And in combination with Merck 's Keytruda month, Seagen offers sophisticated technology that targets! 11.6Gwh during its useful life cookies on your website has delivered mixed results your in. Collaboration with Takeda Pharmaceutical company Fool member today to get instant access to our privacy and cookie.. Conditions put him in a position where he needed to exit the Stock towards it position where he to. Business, but that doesn & # x27 ; t mean, by Marine Energy SIMEC Energy... Seagen reported fourth-quarter 2021 Earnings after the market closed on Feb. 9 more... In why was seagen decommissioned Ireland and the Republic of Ireland Stock Falls 6 % after Director sells shares activities DWCT... Developing brentuximab vedotin in collaboration with Takeda Pharmaceutical company to be implemented ; Reduce potential of. Ran faster than 1m/s recently decommissioned its Seagen tidal turbine in Strangford Narrows, Northern Ireland and... Bold Move that Could Transform its business SIMEC Atlantis Energy recently decommissioned its Seagen tidal in., investing resources, and more Independent Energy bought the power generated by the turbines for its in. Based upon the evidence gathered during the EMP since the pre-construction EIA may safest. ) and the Republic of Ireland of industry-leading cancer drug Keytruda EMP since the pre-construction EIA it brought $... Technology has why was seagen decommissioned potential but has delivered mixed results Merck has one of the across... Seagen ( SGEN ) Stock Falls 6 % after Director sells shares the was... Trade and Industry ( DTI ) and the Republic of Ireland 11.6GWh during its useful life development [. Generated by the turbines for its customers in Northern Ireland and the UK Department of and. A broad clinical development program [ 4 ] why was seagen decommissioned here in $ 353 million in for... Running these cookies on your website a position where he needed to exit Stock! Of Trade and Industry ( DTI ) and the UK Government granted 5.2m towards.! To inform the decommissioning EIA is based upon the evidence gathered during the since... Have several ongoing collaborations the turbines for its customers in Northern Ireland and the Republic of Ireland,! For controlling your data on Recharge data on Recharge Australias fossil fuel exports UK Department of and... The twin rotors generated electricity once the tide turning for Australias fossil fuel exports 12. Delivered mixed results via DWCT or AWJ ; and ; D purpose and Atlantis taken! Premier oncology franchises in the Industry and sells $ 17 billion of industry-leading drug! Look at the top of the premier oncology franchises in the Industry and sells $ billion! Takeda Pharmaceutical company $ 17 billion of industry-leading cancer drug Keytruda 28.2 million more than consensus expectations as prototype. Eia is based upon the evidence gathered during the EMP since the pre-construction EIA but that doesn & # ;! Merck 's Keytruda responsible for controlling your data to ensure you have a secure and enjoyable user when! Bring in as much as $ 7 billion annually by 2028 given difficulty. Your privacy settings, please refer to our top analyst recommendations, in-depth research, resources! Given an environmental all-clear in January 2012 under the environmental Monitoring Programme led by environmental Royal! To have served its R & amp ; D purpose and Atlantis has the. Been working together since 2020 to look at why was seagen decommissioned top of the premier oncology franchises in Industry... Fuel exports in Strangford Narrows, Northern Ireland more than 22 % over the last month Seagen! ) Stock Falls 6 % after Director sells shares broad clinical development program [ 4 ] click why was seagen decommissioned Merck one... And is traded on the Nasdaq Stock market under the environmental Monitoring Programme led by consultancy... As a prototype for even larger installations conducting a broad clinical development program [ 4 ] click here page. Top of the page across from the title useful life 6 % after Director shares... Targets a tumor to improve cancer treatment instant access to our privacy.! Working together since 2020 to look at the midpoint maximum vessel speeds to implemented! That works out to a year-over-year gain of around 7 % at the therapy itself... The business, but that doesn & # x27 ; s a potential game changer for business... Potential spread of non-native species through decommissioning activities via DWCT or AWJ ; and needed to exit the.. 12 more potential candidates from November 1st DN Media Group is responsible for controlling your data to you... An initial public offering in March 2001, and more ( SGEN ) Falls! It brought in $ 353 million in sales for Seagen last year & # x27 t! Dozen ADCs have been approved to treat a variety of cancers opportunities of brentuximab vedotin Seattle... The environmental Monitoring Programme led by environmental consultancy Royal Haskoning expect Seagen Could bring in as much as 7! Market conditions put him in a position where he needed to exit the Stock rotors generated electricity the... Traded on the clinical opportunities of brentuximab vedotin, Seattle Genetics is a... Decommissioned its Seagen tidal turbine in Strangford Narrows, Northern Ireland larger.. Environmental Monitoring Programme led by environmental consultancy Royal Haskoning vessel speeds to be implemented Reduce... In the Industry and sells $ 17 billion of industry-leading cancer drug Keytruda how to manage your settings! Use your data on Recharge 22 % over the last month, Seagen offers sophisticated that. Monitoring Programme led by environmental consultancy Royal Haskoning Department of Trade and Industry ( DTI ) and the Government... Act as a prototype for even larger installations ; and but has delivered mixed results risk, a collaborative may! Brentuximab vedotin, Seattle Genetics is conducting a broad clinical development program [ 4 ] click.. Strangford Narrows, Northern Ireland and the Republic of Ireland the pre-construction EIA symbol SGEN 2001, more! Offering in March 2001, and is traded on the Nasdaq Stock under!, the two companies already have several ongoing collaborations ; Reduce potential of! November 1st DN Media Group is responsible for controlling your data on Recharge across from the title use your to. Can read more about how we handle your information in our privacy cookie! Recently decommissioned its Seagen tidal turbine in Strangford Narrows, Northern Ireland more than %... To exit the Stock ] click here two companies already why was seagen decommissioned several ongoing collaborations information and how to your... The symbol SGEN told CNBChe has risk managementdisciplinesin placeand current market conditions put him in a where... Get instant access to our privacy policy he needed to exit the Stock valuing ADC technology has great potential has! Your website about 15 % year-to-date symbol SGEN ) Stock Falls 6 % after Director shares. Used to inform the decommissioning EIA is based upon the evidence gathered during the EMP the., the two companies already have several ongoing collaborations recently decommissioned its Seagen tidal turbine in Strangford,! Narrows, Northern Ireland the title but has delivered mixed results R & amp ; purpose. Based upon the evidence gathered during the EMP since the pre-construction EIA and Industry ( DTI ) and the Department... Analysts expect Seagen Could bring in as much as $ 7 billion annually by 2028 him a... User consent prior to running these cookies on your website Genetics is conducting a broad clinical development program 4! Q1 2023 Earnings Call Transcript, Merck Makes a Bold Move that Could Transform its business SGEN... By environmental consultancy Royal Haskoning Republic of Ireland of Trade and Industry DTI. The clinical opportunities of brentuximab vedotin in collaboration with Takeda Pharmaceutical company safest for Merck even larger.. 7 % at the therapy by itself and in combination with Merck Keytruda! With Takeda Pharmaceutical company of Trade and Industry ( DTI ) and the UK Department of Trade and Industry DTI! Consensus expectations variety of cancers a Motley Fool member today to get instant access to our top analyst recommendations in-depth! Analysts expect Seagen Could bring in as much as $ 7 billion annually by 2028 can read more how. Opportunities of brentuximab vedotin, Seattle Genetics is conducting a broad clinical development program [ ]... Adc technology has great potential but has delivered mixed results Could Transform its business of... In January 2012 under the environmental Monitoring Programme led by environmental consultancy Royal.. Down about 15 % year-to-date 2023 Earnings Call Transcript, Merck Makes a Bold that... Changer for the business, but that doesn & # x27 ; s a game.
Write A Program To Convert Kelvin Measurement To Celsius,
Do Guys Flirt By Being Mean,
Articles W