The deal news came as the Cincinnati consumer products giant.
P&G distributes a number of common household products - like Vicks, Metamucil, Pepto-Bismol, Crest and Oral-B, brands that account for about 12 percent of total company revenue and will now be available in more countries.
"Merck, a leading science and technology company, announced that it has signed an agreement to sell its global consumer health business to P&G for approximately 3.4 billion pounds in cash, or approximately $4.2 billion at current exchange rates", the drug-maker said in a regulatory filing to the BSE.
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Almost around 3,300 Merck employees could then move to P&G once the transaction is completed, which is expected to happen by the fourth quarter.
"We delivered modest top and bottom line growth in a challenging macro environment in the third quarter, said David Taylor, chairman, president and chief executive officer".
The selloff agreement wraps up a sale process the Darmstadt-based drugmaker embarked on last September, pointing to "increasing internal constraints to fund" its consumer health business.
As part of the deal, P&G will buy a majority stake in the German company's Indian consumer health businesses.
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"With P&G we have found a strong, highly recognized player who has the necessary scale to successfully drive the business going forward".
"The divestment of the Consumer health business is an important step in Merck's strategic focus on innovation driven businesses within Healthcare, Life Science and Performance Materials".
"The Merck KGaA business manufactures over-the-counter products and generates around $1 billion in annual sales from a portfolio of 10 core brands that are sold in more than 40 markets but not the U.S. Its products include vitamins, Femibion supplements for women, Seven Seas cod liver oil and Nasivin nasal decongestant", they continue.
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A final deal with P&G on Merck's French consumer health business has yet to be devised out with the labour representatives however, that would not change the overall price decided with P&G.