Irving-based Kimberly-Clark is set to acquire New Jersey-based Kenvue Inc. in a multi-billion-dollar deal.

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.

Shares of Kenvue have plummeted this year as U.S. health officials have claimed, without new evidence, that acetaminophen — the active ingredient in the common pain reliever Tylenol — was linked to au...