The transaction, which has been approved by the boards of directors for both companies, will consist of an upfront cash payment of $150 million and the purchase of more than 9.1 million of Juno’s shares at $93.00 each (total $999,803,496). He has not yet released his latest fundraising totals.Celgene has entered into a 10-year collaboration with the cellular immunotherapy company Juno Therapeutics, which includes an initial $1 billion payment, according to a joint statement released by the companies. The senator’s fundraising took a hit in the run up to his federal corruption trial last year, when he focused on raising money for his legal defense fund. Hugin has so far put $15.5 million of his own money into his campaign, which has spent almost $9 million, much of it going to television ads targeting Menendez. Hugin‘s campaign responded Friday by releasing its own ad that seeks to paint his stewardship of Celgene in a positive light, using the father of a cancer patient to describe how Hugin “stepped in” to provide Revlimid when the man’s insurance company wouldn’t pay for it. “Hugin criticizing Senator Menendez on generics is like having a criminal argue that you didn’t put in a loud enough burglar alarm to stop him from robbing your house.” “The Senator is a co-sponsor of the CREATES Act - legislation Bob Hugin and Celgene spent millions lobbying to block - that will actually expand lower-cost generics and drive down drug prices,” Sandberg said in a statement. Menendez spokesman Steve Sandberg called the 2012 legislation “a bad amendment that even the generic drug manufacturers didn’t support“ and provided a letter from the Generic Pharmaceutical Association saying it could not support the larger piece of legislation to which the amendment was attached. Frankly, for any Bob Menendez supporter to even try this attack is embarrassing and hypocritical.” “Menendez was also indicted for abusing his power to help his best friend and wealthy campaign donor avoid scrutiny, while that now-convicted felon friend stole millions from Medicare and blinded patients. “The truth is Bob Menendez has zero credibility when it comes to talking about patients or the pharmaceutical industry,” Hugin spokeswoman Megan Piwowar said in a statement. The Hugin campaign called Mitchell a “Democratic operative” and highlighted the donations Menendez has received from the pharmaceutical industry, as well as the senator’s vote in 2012 against an amendment aimed at combating a pharmaceutical practice known as “pay for delay” in which companies pay generic manufacturers to not bring cheaper generic drugs to market. Among the PACs that gave to Menendez was Celgene’s, which has donated heavily to the senator and his leadership PAC. Since 2006, Menendez’s campaign and leadership PAC have received just over $1 million from pharmaceutical company PACs, employees and executives, according to the Center for Responsive Politics, a campaign finance watchdog. Pharmaceuticals are a major industry in New Jersey. Patients for Affordable Drugs Action said it will spend “millions more” to defeat politicians who are “in the pockets of big pharma.” The super PAC says it’s bipartisan and will also spend money to help Republican U.S. When Hugin announced his candidacy in February, Mitchell said he would “do everything in my power to be sure people in New Jersey know” about the record of Hugin and Celgene. He stepped down earlier this year just before announcing his Senate campaign. Mitchell sued Celgene because the price of a Revlimid, a cancer drug Celgene manufactured and he was prescribed, increased dramatically during the five years he took the medication. Patients for Affordable Drugs Action was founded by David Mitchell, a cancer patient and former executive at the Democratic media firm GMMB. The ad buy comes one day after the Menendez campaign launched a website to criticize Hugin’s leadership of Celgene. But I’ll always know him as the guy who made a killing off cancer patients like me.”Ĭelgene made news last year for “aggressively” raising prices on cancer drugs during Hugin’s leadership and was cited in a Bloomberg report for keeping more than three-quarters of its cash overseas. “He was the CEO of the drug company that doubled the price on us while he made a hundred-million-dollars,” Holt says in the ad. In the 30-second ad, cancer survivor Pamela Holt accuses Hugin of “doubling the price” of a cancer drug when he led Celgene.
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