Protor & Gamble owns consumer health brands like Crest toothpaste. Photo: Roberto Machado Noa / LightRocket via Getty Images

Procter & Gamble is acquiring the consumer health products division of German conglomerate Merck KGaA for $4.2 billion, its first major deal since activist investor Nelson Peltz won a seat on the company's board of directors. This adds to P&G's lineup of health products like Crest, Pepto-Bismol and Vicks.

Why it matters: P&G's buyout of Merck KGaA's consumer health business comes right after Novartis sold its own to GlaxoSmithKline. Meanwhile, Pfizer is still looking to unload its bigger over-the-counter division to a market that now excludes two large purchasers.

The bottom line: "Morgan Stanley analyst Vincent Meunier said the price implied a valuation of 4.7x sales and around 19x EBITDA for the business, at the high end of recent deals in the sector." — Ludwig Burger, Reuters

Go deeper

Bryan Walsh, author of Future
41 mins ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

A health worker performs a COVID-19 test in New Delhi. Photo: Raj K Raj/Hindustan Times via Getty Images

The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure

Fox News president and several hosts advised to quarantine in COVID-19 precaution

A political display is posted on the outside of the Fox News headquarters on 6th Avenue in New York City in July. Photo: Timothy A. Clary/AFP via Getty Images

Fox News President Jay Wallace and anchors Bret Baier and Martha MacCallum are among those recommended to get tested and quarantine after possible exposure to COVID-19, the New York Times first reported Sunday night.

The big picture: The Fox News contingent, which also included "The Five" show hosts Juan Williams and Dana Perino, were on a charter flight from Nashville to New York following Thursday's presidential debate with a person who later tested positive for the coronavirus.