When Actavis bought Allergan for $70.5 billion in early 2015, retaining the Allergan name, JPMorgan also scored Saunders' business. JPMorgan could win even more advisory fees from Johnson & Johnson on future M&A endeavors. Johnson & Johnson, which is reportedly close to sealing a $26 billion-plus deal for Swiss biopharma Actelion, is viewed as being among the biggest potential beneficiaries if Trump's "tax holiday" is enacted. How exactly corporate taxes might change is still uncertain, though CEO Alex Gorsky at the J.P. Morgan conference did acknowledge that it would be a "real positive" should there be more flexibility in the long run to deploy capital that was less influenced by tax regulations. On Tuesday's first-quarter conference call, the CEO reiterated that the company continues to evaluate deals, but is concentrating on bolt-on and early stage licensing opportunities. Gorsky also suggested that further streamlining could follow the eight divested units we saw in 2016.