Kimberly-Clark is set to acquire Tylenol maker Kenvue after months of controversy over whether Tylenol is linked to autism.
RFK Jr. says evidence linking Tylenol and autism is ‘insufficient’
Health Secretary Robert F. Kennedy Jr. told reporters there was “not enough” evidence linking Tylenol to autism.
Kimberly-Clark will acquire Tylenol maker Kenvue in a deal worth more than $48 billion, the companies announced on Nov. 3.
The transaction has been approved by the boards of directors of both companies and is expected to close in the second half of 2026, subject to regulatory and shareholder approval.
The transaction will create a combined company responsible for large consumer brands, including Kenvue’s Tylenol, Band-Aid and Benadryl, as well as Kimberly-Clark’s Kleenex, Cottelle and Huggies brands.
“We are excited to bring together two iconic companies to create a global health and wellness leader,” Kimberly-Clark Chairman and CEO Mike Hsu said in a press release.
Kenvue has faced months of turmoil after President Donald Trump and Health and Human Services Secretary Robert F. Kennedy Jr. claimed Tylenol may be linked to autism. The partnership also comes after Kenvue fired its CEO in July.
Kimberly-Clark to acquire Kenview. What are the trading terms?
Kimberly-Clark and Kenview said they expect the combined company to have combined annual revenues of $32 billion.
Following completion of the transaction, Kimberly-Clark’s current shareholders are expected to own approximately 54% of the combined company. According to a release from both companies, current Kenvue shareholders will own approximately 46%.
Under the $48.7 billion transaction, Kenvue shareholders will receive $3.50 per share in cash and 0.14625 Kimberly-Clark shares for each Kenvue share they own at closing. Based on the Oct. 31 closing price of Kimberly-Clark stock, the total value is $21.01 per share, according to the release.
Tylenol deals struck after autism controversy
Kenvue, which was spun off from Johnson & Johnson in 2023, is the manufacturer of Tylenol. The popular painkiller became controversial in September after President Trump touted an unproven link between Tylenol and an increase in autism in children.
The president warned pregnant women not to take acetaminophen, even though many doctors and medical groups say it does not definitively cause autism.
At the time, Kenview said in a statement that acetaminophen is the safest painkiller for pregnant women.
“We believe that sound independent science clearly shows that taking acetaminophen does not cause autism, and we strongly oppose any suggestion to the contrary,” said Melissa Witt, a spokeswoman for the company. “The fact is that more than a decade of rigorous research supported by leading medical experts and global health regulators has confirmed that there is no reliable evidence linking acetaminophen to autism.”
On October 29, more than a month after President Trump’s announcement, President Kennedy said there was “not enough” evidence linking Tylenol to autism.
“The causal relationship between Tylenol administered during pregnancy and the perinatal period is not enough to say for sure that it causes autism. But it is very suggestive,” Kennedy told reporters.
A day earlier, Texas Attorney General Ken Paxton announced that he would sue Kenvue for failing to warn consumers about the risks of taking Tylenol during pregnancy.
Melina Khan is USA TODAY’s national trends reporter. Contact her at melina.khan@usatoday.com.
This story has been updated with new information.
