Pharmaceutical giant Pfizer recently approached Botox-maker Allergan over what would be the biggest takeover deal this year, The Wall Street Journal said.
This year has seen an unprecedented period of intense deal-making throughout pharmaceuticals and health care and a merger with Allergan -- which has a market capitalization of $112.5 billion -- would be a major coup for Pfizer.
But citing people "familiar with the matter," the newspaper said that the process is very much in its infancy and may not end in agreement.
One major hurdle is the price and another is concern over the degree to which Pfizer would want to cut staffing and close facilities.
Pfizer reported better-than-expected earnings Tuesday, as strong sales in oncology and vaccines offset a hit from patent expirations.