As a general rule small biotechs will spend a lot more of their market cap in a given year then a large cap. DNA spend about 2.8% (2.8b 2008 on 100b market cap) whereas a favorite of Dews like IDIX spends nearly 33% of their current market cap last year.
so the $50 bil of cash coming into the market could generate $10 - $20 billion R&D spending when it goes into smaller companies. Now I'm giving a gross generalization but that also doesnt mean DNA will stop spending its $3bil - they will likely save a lot in SG&A - you don't buy a biotech company to stop its R&D and turn it into a pharmaceutical!
Will some programs get cut? Probrably - but I am sure they will throw extra funding into the promising ones to speed development. Overall M&A of the larger companies is good for the smaller ones as it frees up risk capital to come back into the smaller names and repeat the cycle.
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