It is hard to say what revenue to expect in an acquisition. Really an acquisition is valuing a collection of assets. With a MDVN or INCY the acquirer finds the revenue to lower the risk of the deal.
While GILD trades at around $3 bil for each bil of revenue any acquisition is going to have a pipeline as well and sell for in excess of $10 bil per 1 bil of revenue IMO. In fact it is looking like 10 to 1 is on the low end recently.
I would hope GILD would get at least $1 bil of revenue in a target. Just as important would be a pipeline that has some near term revenue potential. I almost get the feeling that GILD is kicking lots of tires and helping generate some potential candidates. Who leaked the INCY news?
My guess is that partnering or funding specific near term revenue assets might be a better strategy. It is hard to see a return on currently proposed companies.