11. Allergan

Allergan and Pfizer agreed to scrap their pending mega-merger following an early April power play by the U.S. government. Following an earlier inversion with Actavis, Allergan was a likely candidate for a deal of this nature — or at least it was before President Obama weighed in on such deals. But the collapse of the Pfizer–Allergan unification doesn't leave Allergan in anything remotely resembling a precarious position. CEO and president Brent Saunders reaffirmed the firm's strengths, among them a pipeline stacked with 70 mid- to late-stage assets, 14 expected approvals, and 16 regulatory submissions in 2016 alone, and a robust portfolio of market mainstays including Botox and Restasis. Allergan is unloading its global generics business to Teva in a $40.5 billion deal, a move that lets it pay down debt. To expand its aesthetics portfolio, Allergan acquired Kythera Biopharmaceuticals for $2.1 billion and, in the process, gained access to FDA-approved double-chin treatment Kybella. It also acquired depression treatment developer Naurex for $560 million. Recent launches include Viberzi for IBSD, anti-infectives Avycaz and Dalvance, and IUD Liletta.