(Bloomberg) -- After almost three years of booming health-care dealmaking in the U.S., 2017 is off to a slow start.

Pharmaceutical and biotech acquisitions totaled $44 billion last quarter, down 13% from a year earlier, and 35% below the first quarter of 2015, according to data compiled by Bloomberg. And ETFs, a good indicator of investors' appetite in a sector because they typically track an index, are seeing about half as much trading volume in health care as three years ago, data show.

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