Biogen Idec (NDAQ:BIIB) shares jumped almost 20 percent this morning after the company announced that several firms had expressed interest after it put itself on the auction block on Friday. The news comes after billionaire activist Carl Icahn had pressured the company to unlock value for shareholders.

Many analysts believe that Biogen may have a difficult time selling itself given that it is trading at around 8x earnings in a difficult credit environment. Moreover, the biopharmaceutical industry is a risky one where the FDA can halt trials and block sales on a moments notice. Specifically, there are safety concerns about the company's multiple sclerosis drug Tysabri.

Others believe that the company could fit well with a large pharmaceutical company looking to fill its pipeline and drive top and bottom line growth. Billionaire investor Carl Icahn - who initially pressured the company to sell - made this argument and insists that there would be substantial interest.

These bullish analysts and investors peg the fair value of the company at around $70 to $90 per share. The numbers are in part based on the enormous valuation given to MedImmune when it was acquired earlier this year for 11x annual sales. This is a clear indicator of big pharma's appetite for padding their drug pipelines with strong potential blockbusters.

Rumors today surfaced that Pfizer, Sanofi and J&J may be among the companies interested in making an acquisition. Meanwhile, many are discounting AstraZeneca and Roche since they already have biological capacity and the price is a little on the high end. Regardless, this is definitely a stock worth watching over the next few months!

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