The fourth quarter of 2015 isn’t building the M&A momentum we saw a year ago. Preliminary deal volume for November 2015 sits at 107 deals, which bests the previous month’s 99 deals by 8%, but is a solid 28% behind the same month in 2014.

This is how health care M&A is playing out in 2015. The burst of activity that carried over from December 2014 into the first quarter has been petering out ever since. Even as 2015’s total deal volume will surpass last year’s record of 1,312 transactions (see story, page 1), this year was front-loaded with deals. A new record for first-quarter deal volume was set this year, with 366 transactions now on the books.

By contrast, 2014 deal making got off to a slower start, with 289 transactions in the first quarter, but saw momentum grow in the second and third quarters. There’s still time for Q4:15 to turn around, though it’s running out quickly, and looks highly unlikely.

Nov 2015 deals