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Pharma CEO to run for Senate

Former Celgene CEO Bob Hugin speaks at a conference.
Former Celgene CEO Bob Hugin speaks at an event in 2015. Photo: David A. Grogan / CNBC/NBCU Photo Bank via Getty Images

Bob Hugin, former CEO of pharmaceutical company Celgene, will run as a Republican in New Jersey's U.S. Senate race this November, Bloomberg reports. If he wins his party's primary, he will square off against Democratic incumbent Bob Menendez.

The bottom line: Hugin told me last month at the J.P. Morgan Healthcare Conference that he was seriously considering a run. But Hugin likely will have to answer major questions about his past at Celgene, a company that has made it a habit of levying large price hikes on its drugs.