South Africa-based healthcare company Aspen Pharmacare is in talks to sell its infant formula business as it seeks to cash in on growing demand for baby milk.
Aspen Pharmacare expects to inject some of the proceeds from the sale in its balance sheet.
The company's talks include French dairy group Lactalis and the deal could be worth $1 billion.
Shares in Aspen, with operations in 50 countries, traded up after the announcement, rising 2.2 percent to $18.07.