Kimberly-Clark is acquiring Tylenol maker Kenvue in a $48.7 billion cash and stock deal, creating a major consumer health company.

Kimberly-Clark shareholders will hold about 54% of the combined company, while Kenvue shareholders will own roughly 46%.

The merger will bring together well-known brands like Kenvue’s Listerine and Band-Aid with Kimberly-Clark’s Huggies, Kleenex, and Cottonelle, generating around $32 billion in annual revenue.

Kenvue, spun off from Johnson & Johnson just two years ago, has faced pressure from activist investors, the AP has reported.

Following the announcement, Kimberly-Clark shares fell 13%, while Kenvue’s stock rose over 15%.