16. Boehringer Ingelheim
In an effort to overcome pricing pressures and bounce back from patent losses — most painfully for blockbuster hypertension drug Micardis — Germany's second-largest drugmaker has unloaded assets and reshuffled its management team. The drugmaker sold its U.S. generics operation Roxane Labs to Hikma Pharmaceuticals for $2.7 billion in cash and stock. Negotiations to swap businesses are also under way with Sanofi — the proposed transaction is Sanofi's animal-health business Merial (worth about $16.1 billion) for BI's $9.5 billion consumer healthcare business. After laying off 900 people in 2014, BI announced it will invest about $550 million in a production facility in Vienna and some $12.5 billion in a five-year R&D program to accelerate discovery breakthroughs. Which isn't to say that BI hasn't already enjoyed more than its share of recent successes in that arena: In 2015 the FDA approved Pradaxa antidote Praxbind, which should help BI compete against Xarelto. And muscarinic antagonist Spiriva Respimat received FDA approval as a first-in-class asthma treatment.