The deal will unite two giants in the over-the-counter health business, bringing together brands like Kleenex and Benadryl.

Kenvue's shareholders will receive $3.50 per share and 0.15 Kimberly-Clark shares for each Kenvue share held.

The combined company would bring together brands like Huggies and Kleenex with the likes of Band-Aid and Tylenol.