NEW YORK (TheStreet) -- Juno Therapeutics (JUNO) shares are up 23.54% to $57.20 in early market trading on Tuesday after the company signed a $1 billion 10-year drug development deal with Celgene (CELG) - Get Report.

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.

Celgene shares are down 0.10% to $114.80 in pre-market trading. 

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.

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