Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion
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.
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.
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.
“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.
