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S&P gives BBB+ to Celgene notes
S&P said it assigned its BBB+ issue-level rating to Celgene Corp.'s proposed $500 million senior unsecured notes due 2021.
The company will use the proceeds for general corporate purposes, including repayment of its 1.9% notes due August 2017.
“Our BBB+ corporate credit rating on Celgene reflects the excellent market exclusivity profile of the company's existing product portfolio, its strong Revlimid (a treatment for multiple myeloma) franchise driving Celgene's high-teens revenue growth, and a moderate late-stage pipeline,” S&P said in a news release.
“The company's product and therapeutic concentration partially offsets these strengths,” the agency said.
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