Both companies confirmed the negotiations Sunday, according to
The Wall Street Journal
. U.K. newspaper the
first reported the talks, saying the deal would be valued at more than $1.14 billion.
The world's sixth-largest drug maker, AstraZeneca already owns nearly 20% of Cambridge Antibody, and the two companies have been working together to develop new drugs.
AstraZeneca shares finished Friday down 43 cents at $53.89. Cambridge Antibody ended the week at $14.84.