Merck -- which is higher by more than 0.5% --agreed to sell its immunotherapy drug for $850 million. However, the deal could be worth up to $2 billion if the drug clears certain regulatory hurdles and sales goals.
Previously, Pfizer was interested in the company for its oncology franchise. But with its latest acquisition from Merck, there no longer appears to be a catalyst behind a Pfizer-AstraZeneca deal, he said.
Cramer also pointed out AbbVie's (ABBV) recent share price performance. The stock has been one of the best performing biotech stocks since the planned acquisition of Shire (SHPG) surprisingly fell through.
Maybe it's time that AbbVie gets some credit for its "fantastic" hepatitis C franchise, he concluded.
-- Written by Bret Kenwell