POLITICO’s Burgess Everett is reporting that former hedge fund CEO David McCormick will formally announce that he is running for the U.S. Senate on Thursday.

McCormick is expected to challenge incumbent Sen. Bob Casey Jr. for the seat. He narrowly lost the 2022 Republican nomination to Mehmet Oz.

The former hedge fund CEO has been the target of both parties since his unsuccessful run for the Republican nomination in 2022. McCormick lost to Mehmet Oz by under 1,000 votes and the celebrity doctor was defeated by John Fetterman in November.

Pennsylvania Republican leaders have been courting McCormick, including sending an open letter to the 58-year-old veteran offering their reasons why he should run.

Pennsylvania Democrats have spent much of 2023 attacking the former member of the Trump administration in an attempt to weaken his potential challenge to three-time Democratic incumbent Bob Casey Jr.

Casey, 63, is a stalwart of Pennsylvania’s Democratic politics, the son of a former two-term governor and the longest-ever serving Democrat in the Senate from Pennsylvania. He has won all of his Senate elections by at least nine percentage points, and the last full fundraising quarter was his best ever.

The Democratic Party has treated McCormick as the de facto GOP nominee for months, attacking his record in business, his opposition to abortion rights and indications that he still lives on Connecticut’s ritzy “Gold Coast,” where he spent a dozen years as an executive at the hedge fund Bridgewater Associates.

McCormick insists he lives in Pittsburgh, in a house he bought there in early 2022 and has stressed his hometown roots in Pennsylvania, including a 62-acre farm in Danville, Columbia County that he owns as part of Frosty Valley Farm LLC.

For his part, McCormick has danced around a possible run over recent months. He has formed a political action committee, courted donors, written a book, and offered support for other Republican candidates. McCormick, who did not receive an endorsement from former President Donald Trump, still has an outstanding $14 million loan from his 2022 campaign.