Juno Rises as Celgene Pays $1 Billion to Buy Cancer Stake

Celgene Corp. will pay Juno Therapeutics Inc. about $1 billion as part of a 10-year partnership to study cures for cancer and autoimmune diseases, the largest upfront payment in a biotechnology licensing agreement ever.

Celgene will pay $150 million in cash and buy 9.1 million newly issued Juno shares at $93 a share, more than double Juno’s closing price Monday. In return, Celgene will get the right to sell Juno’s therapies around the world, the companies said in a statement Monday.