NEW YORK (TheStreet) -- Celgene (CELG) - Get Report shares are up 0.63% to $115.65 in early market trading after the company entered into a 10 year $1 billion drug development deal with Juno Therapeutics (JUNO) today.

Under the terms of the deal Celgene will pay Juno $150 million in cash and acquire 9.1 million shares of Juno at $93 per share.

Celgene in return has the right to acquire up to a 30% stake in Juno while also garnering a nomination to Juno's board.

The initial focus of the drug development deal will be on a portfolio of Car-T and T-cell receptor technologies.

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Separately, Juno also said that it received approval to launch Phase I trials of its non-Hodgkin lymphoma treatment.

Juno shares are up 0.73% to $115.64.

TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS charitable trust, believes that Celgene paid a lot to have access to Juno's immunotherapy portfolio. Though he acknowledges that the sector is the future of the cancer treatment industry:

"Celgene paid a fortune for this stake making me wonder who else wanted it. That said immunotherapy is the future of the fight against cancer and I think Celgene wanted intel on how it works. High ante to find out," said Cramer.

TheStreet Ratings team rates CELGENE CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CELGENE CORP (CELG) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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