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Remember the days when the mindset of Big Pharma was to just do deals, doesn't matter what you do, just do something? According to the pundits at PwC's Health Research Institute , 2016 was supposed to continue that trend. In fact, they projected this year to be "the year of pharma merger mania," as if that hadn't happened already. Twice , in fact.

Instead, after the Treasury Department played whack-a-mole with what would have been the biggest pharma deal of all time (the $160 billion merger between Allergan and Pfizer) the M&A frenzy vaporized almost overnight.

Still, the death of that deal doesn't spell doesn't spell the death of all M&A activity.In fact, two key phenomena that drove deal volumes to record levels in 2014 and 2015 haven't changed. First, ultra-low interest rates spell an abundance of cheap, easy-to-access debt. Second, many of the big-name pharmaceutical companies are sitting on hordes of cash, and still need deals to refill their faltering pipelines.

But what companies fit into the M&A sweet spot right now? Currently, Motley Fool contributors see three logical acquisition targets. All three are attractive as stand-alone entities, but could demand significant premiums in a buyout scenario.

Poised for growth

Brian Feroldi: One company that is likely to be on big pharma's watch list is Acadia Pharmaceuticals (ACAD 1.21%). Acadia recently won FDA approval for its first drug called Nuplazid, which has been approved to treat Parkinson's disease psychosis, or PDP.

Acadia is in an enviable position right now as all signs point to Nuplazid being a hit. That's owed to the fact that there are currently not any good treatments options for PDP, so Acadia should have this market all to itself. Since roughly 40% of the 1 million people in the U.S. that have Parkinson's disease suffer from PDP, the demand for this drug could be huge. With a wholesale price tag of 23,400 per year, it's not believe that Nuplazid could turn into a blockbuster.

So given all of the above, why hasn't big pharma moved in on Acadia yet? It's possible that they are waiting to see how the drug performs on the market for a few quarters before anyone would consider stepping in. These companies might have reservations because during Nuplazid's late stage trials there was an uptick in the number of deaths among patients who used the drug compared to the control group. That fact might keep some providers from recommending the drug, which could suppress demand.

My hunch is that the healthcare community will still embrace Nuplazid with open arms because PDP places a huge burden on caregivers, but only time will tell if I'm right. In the meantime I think that Acadia's stock could be an interesting opportunity for any investor with a high tolerance for risk.

Big Pharma ought to be lining up

Cory Renauer: One company I can see on the receiving end of a buyout offer is Bluebird Bio (BLUE -6.21%). It's stock has been mercilessly hammered over 70% lower than where it stood a year ago, but it's odds of success are as strong as ever.

The company is developing unique cellular treatments for inherited disorders in three diseases, with Lenti-D for childhood cerebral adrenoleukodystrophy (CCALD) in the lead. This rare genetic disease threatens the lives of about 40 boys born in the U.S. each year, and is treatable with extremely dangerous donor stem cell transplants.

Bluebird approach also involves stem cell transplants, but with the patients' own cells. They're extracted, then "infected" with an effective copy of the necessary gene. By using their own cells, the approach appears to eliminate lethal graft-vs.-host side effects common among donor transplants. So far results are outstanding in terms of safety, but the market interpreted efficacy results on par with donor transplants as a bad sign. It missed the fact that none of the patients treated with Bluebird's Lenti-D are showing signs of graft failure, or graft-vs.-host side effects.

Bluebird is also developing similar treatment that replaces a defective hemoglobin gene, called LentiGlobin, for treatment of two much larger indications. Beta-thalassemia affects about 288,000 people worldwide, and a staggering 25 million are thought to have sickle-cell disease. Unlike CCALD, these two conditions are often treatable with more conventional drugs, but long-term outcomes are generally poor.

Only the most severely affected patients with beta thalassemia, and sickle-cell, receive dangerous stem cell transplants, but Bluebird's LentiGlobin has a chance to change the treatment paradigm, given its relative safety. With an enterprise value (a theoretical acquisition price for a company that considers cash and debt) of just $1.17 billion, Big Pharmas ought to be lining up to present buyout offers.

All that Jazz

Cheryl Swanson: Jazz Pharmaceuticals (JAZZ -1.88%) is no stranger to acquisition rumors, and I expect the stock to become a hot takeover target once M&A activity resumes in the biotech sector. The company is a very appetizing morsel for a Big Pharma shark, since the $8.6 billion market cap guppy owns some unique formulations for rare diseases.

Jazz's lead drug is Xyrem, also known as Gamma Hydroxy Butrate, or, more infamously, as the "rape drug." Paradoxically, Xyrem has been found to be highly effective in treating major sleep disorders. The potential for misuse has created some strong barriers to competitor entry , with stringent requirements for medication distribution.

Jazz's pipeline is also starting to prove fruitful. Catalysts expected soon include the US release of Defitelio for a rare liver disease, a filing for Vyxeos (a drug acquired from Celator Pharmaceuticals, Inc.), and Phase III data for JZP-110 for excessive daytime sleepiness. All three events should occur before the end of the year.

Although the talk of so-called tax "inversions" has cooled, Jazz Pharma is alsolocated in the tax-friendly country of Ireland. The Treasury's reaction to Pfizer was far more aggressive than most anybody expected, but then the size of the deal was so big it had the potential to provoke further tax fleeing, and represented a real threat to the U.S. tax base. Tax inversions have been around for a long time, having started back in the 1980s, and they likely aren't over with smaller companies , once the furor dies down.

Regardless of whether a suitor comes calling or not, Jazz should do very well in the next twelve months. A takeover attempt could lead to a nice bump for shareholders, but when you look at the fact that Jazz expects to grow earnings at a near 25% annualized rate over the next half decade, it's hard not to see this stock as a highly intriguing buy.