Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company.

Shareholders of Kimberly-Clark, whose brands include Huggies, Kleenex and Cottonelle, will own about 54% of the combined company. Kenvue shareholders will own about 46%.

Kenvue has spent a relatively brief period as an independent company, having been spun off by Johnson & Johnson two years ago. J&J first announced in late 2021 that it was splitting its consumer health division from the pharmaceutical and medical device divisions in a bid to make each more nimble.

Kenvue was thrust into the national spotlight last month when Health Secretary Robert F. Kennedy, Jr. reasserted the unproven link between the pain reliever Tylenol and autism, and suggested people who opposed the theory were motivated by hatred for President Donald Trump.

During a meeting with Trump and the Cabinet, Kennedy reiterated the connection, even while noting there was no medical proof to substantiate the claim.

In July Kenvue, which also makes brands such as Listerine and Band-Aid, announced that CEO Thibaut Mongon was leaving as it continued with its strategic review. Board member Kirk Perry is serving as interim CEO.

The combined company is expected to generate 2025 annual net revenues of approximately $32 billion. Kimberly-Clark and Kenvue said that they identified about $1.9 billion in cost savings that are expected in the first three years after the transaction’s closing.

“With a shared commitment to developing science and technology to provide extraordinary care, we will serve billions of consumers across every stage of life,” Kimberly-Clark Chairman and CEO Mike Hsu said in a statement.

Hsu will be chairman and CEO of the combined company. Three members of the Kenvue’s board will join Kimberly-Clark’s board at closing. The combined company will keep Kimberly-Clark’s headquarters in Irving, Texas and continue to have a significant presence in Kenvue’s locations.

The deal is expected to close in the second half of next year. It still needs approval from shareholders of both both companies.

Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share held at closing. That amounts to $21.01 per share, based on the closing price of Kimberly-Clark shares on Friday.

Shares of Kimberly-Clark slipped more than 15% before the market open, while Kenvue’s stock jumped more than 20%.