Tylenol maker and former Johnson & Johnson (JNJ) spinoff Kenvue Inc (NYSE:KVUE) is 16.7% higher to trade at $16.74, after Kimberly-Clark Corp (NASDAQ:KMB) agreed to purchase the pharma name for $48.
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.
D.E. Shaw, one of the Tylenol-maker's largest shareholders, stood to lose over $200 million but is now expected to break even on its bet.
Kimberly-Clark announced Monday it's struck an agreement to buy Kenvue in a deal valued at $48.7 billion. CNBC's David Faber breaks down the details.
Kleenex maker's deal for troubled Johnson & Johnson spinoff comes amid lawsuits and regulatory scrutiny
This is a developing story.
CNBC's David Faber joins 'Squawk Box' with the latest news.

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Kenvue's stock, which had hit a record low in recent weeks, was headed for its best day ever while Kimberly-Clark's stock tumbled.
Kenvue missed Wall Street estimates for third-quarter sales on Monday, while it also announced its acquisition by Kimberly-Clark for about $48.7 billion.
U.S. stock futures were mixed this morning, with the Nasdaq futures gaining more than 100 points on Monday.
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of Kimberly-Clark Corporation (NASDAQ: KMB) and Kenvue Inc. is fair to Kimberly-Clark shar
Kimberly-Clark announced Monday it's struck an agreement to buy Kenvue in a deal valued at $48.7 billion. The combined company would bring together brands like Huggies and Kleenex with the likes of Ba

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Kimberly-Clark will buy Kenvue for cash and stock.
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