Piper Jaffray analyst Christopher Raymond remains “bullish on biotech” in the wake the announced acquisition of Celgene (CELG) by Bristol-Myers Squibb (BMY) for $74B in cash and stock, representing a 54% premium from yesterday’s close. In a research note titled “Bristol for CELG – In Retrospect, it Makes Perfect Sense,” Raymond says the market is likely to ask “who’s next?” Among large-caps, Alexion Pharmaceuticals (ALXN) and Biogen (BIIB) would seem to make sense as potential targets, as well as BioMarin (BMRN), Raymond writes. And while any smid cap could likely be seen as a take-out candidate, Aimmune Therapeutics (AIMT), Deciphera Pharmaceuticals (DCPH) and Rigel Pharmaceuticals (RIGL) “in particular could make sense to any strategic buyer,” adds the analyst.