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Moody's Investors Service has upgraded Fred Hutchinson Cancer Research Center's (WA) (FHCRC or Fred Hutch) issuer and long-term debt ratings to A2 from A3. The upgrade to A2 reflects the dramatic improvement in Fred Hutch's unrestricted liquidity and growth in cash and investments expected to remain strong. During fiscal 2018 ending June 30, Fred Hutch received substantial funds related to its holdings of Juno Therapeutics.
Celgene plunged to another four-year low Monday on a report that an executive in charge of business development quietly retired in mid-April.
Celgene Corporation (NASDAQ: CELG) is an integrated biotechnology company that develops and sells therapies for the treatment of oncology and inflammatory diseases through gene and protein regulation. Celgene is most known for its blockbuster drug Revlimid, which treats multiple myeloma. Despite significant growth in this disease around the world, Celgene shows too much reliance on a single drug, and the company undertook a number of acquisitions to diversify its drug portfolio with immuno-oncology therapies.