Mylan made public on Wednesday that it had made a proposal to acquire generic drugmaker Perrigo in a deal valued at $205 per share in cash and stock.
If history repeats itself, the recent weakness in biotech stocks will end with lots more buying.
Valeant comes out on top, following a competing bid from Endo International for the gastrointestinal drugmaker Salix.
Cramer says take the money and run on NPS Pharmaceuticals, stay away from VMware and he missed the boat on OvaScience.
Many of the stocks hit hard Wednesday will rise again soon enough, Cramer says.