On the dollar side, February 2019 looks hale and hearty with a combined total of $32.7 billion. The majority of that comes from one deal, not surprisingly. GE Healthcare’s (NYSE: GE) sale of its biopharma division to Danaher Corp. (NYSE: DHR) for $21.4 billion accounts for 65% of the month’s spending. Without it, the total would be $11.3 billion—still higher than the $9.7 billion turned in a year ago.

The Biotechnology sector is driving a lot of spending this years, as we noted in the story on page 1. Three of the four billion-dollar-plus deals announced in February targeted biotech companies. The fourth, at $3.4 billion, came from Johnson & Johnson’s (NYSE: JNJ) acquisition of Auris Health, which has an FDA-cleared platform of robotic technologies currently used in bronchoscopic diagnostic and therapeutic procedures.

The technology sectors seem poised to lead in the first quarter of 2019, although the sudden resignation of FDA head Scott Gottlieb could dampen some future deals. His public announcement on March 5, scheduled to take effect at the end of the month, surprised (and delighted) some industries. His two-plus-year legacy at the agency brought in speedier trials, higher approval rates, as well as an attempt to curb tobacco use by teenagers. While tobacco sellers rejoiced, pharma and medical device makers are looking for assurances that the pace of those trials and approvals will be maintained.