Huggies maker Kimberly-Clark to buy Tylenol maker Kenvue for $40 billion

By the numbers: Kimberly-Clark said it would pay $3.50 per share in cash and 0.14625 shares of its stock for each Kenvue share, for a total value of $21.01 per share.

• That works out to about $40.3 billion, based on the share count in Kenvue's last quarterly filing. The two companies said the total "enterprise value" of the deal, including other items, was $48.7 billion.
• Kenvue shares soared 20% in premarket trading on the news. Kimberly-Clark plunged 16%.

Between the lines: The deal is expected to close in the second half of 2026.

• Kimberly-Clark CEO Michael Hsu will be chairman and CEO of the combined entity.

The big picture: Kenvue has rebutted President Trump's warning to pregnant women about its signature brand, saying there is "no credible evidence linking acetaminophen to autism."

• Decades of evidence show Tylenol is safe in pregnancy when used as directed, but Trump's claims fueled fears among expectant mothers.
• The American College of Obstetricians and Gynecologists continues to back acetaminophen as a safe option during pregnancy, a stance also supported by outside experts.

What to watch: The companies are due to speak with investors later Monday about the deal.

• They've also launched a comprehensive website to promote the transaction.

Julianna Bragg contributed.

Editor's note: This story was updated with additional details throughout.