To pay $15.6 billion for MedImmune is “impressive,” writes Rodman & Renshaw’s Mike King in an understated fashion. So now that AstraZeneca is plunking down so much for a company that doesn’t immediately offer much marketable product, the analyst speculates in a research note this morning that this deal makes it more likely that others will soon follow.

“In our view, this is great news for the entire biotech space. As big pharma begins to deploy its cash, aggressive steps like those that AstraZeneca is taking are positive for companies at both ends of the market cap spectrum. In addition, we expect part, if not most, of the $15.6 billion influx of cash into the biotech space will eventually trickle down to fuel more acquisitions (and) alliances. We view all companies with platform technologies and/or pipelines would be of interest.”

Companies that we think could be potential bbeneficiaries from today’s mega-deal are: 1) antibody companies such as ImClone systems, XOMA, Medarex and PDL BioPharma; 2) any company involved in a struggle with Carl Icahn - ImClone and Telik; 3) any company with excess biotech manufacturing capacity/antibody design/scale up, etc. - ImClone, Xoma or Biogen Idec; 4) any company in vaccines, such as Novovax or Vical; 5) companies in antivirals; 6) any company that has been in the takeover rumor mill in the past, such as Celgene, OSI Pharmaceutic or Millenium; 7) and finally, other ‘middle weight’ biotech companies like Biogen, Celegene, Genzyme, ImClone, PDL, or Gilead Sciences.”

In other words, just about any company with a real product could be up for grabs. And why not? Such deals would benefit Wall Street firms, possibly including his own. But AstraZeneca certainly isn’t the only company scrounging around thanks to internal problems. Schering-Plough will pay $14 million for Organon, remember?

Ladies and gentlemen, the tables are open.

[tags]AstraZeneca, ImClone, MedImmune, Mergers[/tags]