Menendez faces Republican challenger in Senate race

Sen. Bob Menendez, D-N.J., has attracted a well-funded challenger for his seat on Capitol Hill.

Bob Hugin, who recently retired as executive chairman of the pharmaceutical company Celgene, plans to seek the Republican nomination to oppose Menendez, NJ.com reported.

Hugin, 63, will start Tuesday with appearances in Springfield and Delran.

More from FOX Business

Goodfriend’s nomination to Fed approved by Senate committee

New Jersey could be first state to ban menthol cigarettes

Senate budget deal ramps up spending

"Bob Hugin has lived the American Dream," said Hugin's deputy campaign manager, Sarah Neibart. "He is running for U.S. Senate to be an independent voice for New Jersey and to ensure that people in every community in our state can build better lives for themselves and their families."

Menendez's poll ratings plummeted before the Justice Department dropped its corruption case against him.