On Monday, November 3, Kimberly-Clark Corporation, the maker of Kleenex, and Kenvue Inc., the producer of Tylenol, announced an agreement in which Kimberly-Clark will acquire Kenvue for $48.7 billion through a combination of cash and stock.

In recent months, Kenvue has been challenging unverified claims by the Trump administration linking Tylenol to autism, causing company shares to plummet.

“In July, Kenvue announced that CEO Thibaut Mongon was leaving in the midst of a strategic review with the company under mounting pressure from activist investors,” APNews’ Michelle Chapman reported. Kirk Perry, a board member, is currently acting as interim CEO.

Under the new deal, shareholders of Kimberly-Clark will own about 54 percent of the combined company, and Kenvue shareholders will own about 46 percent, Chapman wrote.

“Shares of Kenvue rebounded strongly on the deal announcement, rising 20 percent in premarket trading,” Lauren Hirsh reported for The New York Times. “Kimberly-Clark’s stock fell about 15 percent, which if sustained would drag the company’s value down to a multiyear low.”

"We are excited to bring together two iconic companies to create a global health and wellness leader," said Mike Hsu, Kimberly-Clark Chairman and CEO, in a statement.

"Our combination with Kimberly-Clark unites two highly complementary portfolios filled with iconic, beloved brands and everyday essentials that people trust and count on throughout their lives," said Kirk Perry, CEO of Kenvue, in a statement.