NEW YORK (TheStreet) -- Shares of Cypress Semiconductor (CY) - Get Report and Spansion (CODE) are higher after agreeing to merge, a move TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said is "fantastic." 

Cypress Semiconductor shares climbed 17% Tuesday while Spansion jumped 23.9% on the news. The merger will generate over $100 million in cost savings. Cramer said Cypress Semiconductor is also keeping its 11-cent quarterly dividend payout.

Cypress Semiconductor CEO T.J. Rogers continues to create "tremendous value," Cramer said on CNBC's "Cramer's Mad Dash" segment. "I love him, I love the stock," he added. 

Spansion CODE and Cypress Semiconductor CY data by YCharts

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Turning to biotech, he reiterated his bullish stance on Biogen Idec (BIIB) - Get Report , calling it a "fabulous" and "inexpensive" company. Regeneron (REGN) - Get Report , another Cramer favorite, is on its way to $450 per share, he said. 

He also likes Celgene (CELG) - Get Report and Gilead Sciences (GILD) - Get Report , but warned investors to be careful of Gilead, at least until AbbVie (ABBV) - Get Report announces pricing for its hepatitis C treatment. 

-- Written by Bret Kenwell

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.