Illustration: Rebecca Zisser/Axios

Siemens Healthineers, a medical tech affiliate of Siemens, agreed to buy Palo Alto-based cancer therapy company Varian Medical Systems for $16.4 billion in cash.

Why it matters: It would be the health care sector's largest merger so far in 2020.

  • The deal values Varian shares at $177.50, a 24% premium to Friday's closing price and a 42% premium to its 30-day weighted average.

The bottom line, via Axios' Bob Herman: It’s a play for a very profitable cancer device/machine company, and a bet that not even the pandemic will slow down the demand for new cancer technologies.

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Cancer death rates drop but Black Americans still face highest risk

Adapted from the National Cancer Institute; Chart: Naema Ahmed/Axios 

There's some good news in 2020: Cancer death rates have been falling overall, and the gap between racial and ethnic groups has been narrowing.

Yes, but: Decades of systemic racism and the structures developed under it continue to limit the ability of Americans to benefit equally from cancer advances, some medical experts tell Axios, as seen by Black Americans who've had the highest death rate from cancer for 40 years. And the pandemic is expected to exacerbate the problem further.

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: Australian city Melbourne to exit one of world's longest lockdowns — In photos: Coronavirus restrictions grow across Europe
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure
  5. Nonprofit: Rockefeller Foundation commits $1 billion for COVID-19 recovery
Updated 1 hour ago - World

In photos: Coronavirus restrictions grow across Europe

A skeleton is placed at a restaurant table in Rome to protest Italy's restrictions that'll see gyms, movie theaters and pools close and bars and restaurants required to shut by 6 p.m. until at least Nov. 24. Photo: Antonio Masiello/Getty Images

Restrictions are returning across much of Europe as the continent faces a second coronavirus wave.

The big picture: Spain and France each surpassed 1 million cases last week, and both countries have implemented further restrictions on citizens. Italian officials announced strict new measures, effective Monday, to combat another cases spike. From Denmark to Romania, take a look at what steps countries have been taking, in photos.