More M&A activity may be coming in the pharmaceutical industry, but it’s likely to be on the small side. After the mega-mergers of Pfizer and Wyeth, Merck and Schering-Plough and Roche and Genentech, other drug makers like Eli Lilly said they were looking for smaller bolt-ons instead. Dow Jones Newswires points out there may be particular interest in acquisitions in the $1 to $2 billion range. Bristol-Myers is paying $2.1 billion for Medarex . And Sciele Pharma , CV Therapeutics and Alpharma were all bought out in that range

in the last year as well. Other potential targets working on similar technologies to Medarex include Seattle Genetics and Regeneron, which Sanofi-Aventis already owns a share of . Of course, the most likely take-over targets are those with promising late-stage products in development. Human Genome Sciences, InterMune and Theravance are some of potential acquisition targets Dow Jones cites as those with encouraging findings or products awaiting approval at the FDA.

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Is $1 Billion is the Right Price for Pharma M&A?