Looking across the entire M&A spectrum, overall deal values were generally on the decline in 2017. PricewaterhouseCoopers reports that ‘‘M&A values decreased by over 60% in Q3 2017 as compared to Q2 2017, and the $30.0 billion total deal value was roughly half of the average quarterly value witnessed over theprior two years. This decrease is driven by declines across all subsectors, except Biotech [emphasis added].’’