Inspire Pharmaceuticals is an attractive stock, partly because it may be a takeover target, celebrity investor Jim Cramer said during his "Mad Money" TV show on Friday.

Inspire's larger partner Allergan has said it's interested in expanding and could consider buying promising products and companies. It would be easy for Allergan, with a $20 billion market cap, to absorb the much smaller Inspire, with a market cap of $560 million, Cramer noted.

Buying the Durham company would give Allergan new revenue from Inspire's treatments for eye diseases. It's also working on an experimental medicine for cystic fibrosis with the hopes of expanding into the market for pulmonary diseases.

Inspire "gives you two ways to win," Cramer said. Allergan already pays royalties to Inspire for the dry-eye drug Restasis, "so a merger here just makes sense."

While Cramer's rapid-fire rants and speculation don't cause big stock jumps as much as they once did, he remains popular with some investors who follow his recommendations.