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While the first quarter may be a little slow as the winter COVID-19 surge continues to disrupt business, expect high capital reserves in med tech and life sciences to make 2021 a year for brisk deal activity, according to the 2021 Ernst & Young (EY) M&A Firepower report. In 2020, industry M&A activity fell to the lowest levels since 2014, but the multinational audit and consulting firm found that the industry now has record levels of deal capacity that it is poised to use to accelerate growth coming out of the pandemic.