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AstraZeneca Reported in Deal Talks

The world's sixth-largest drug maker is looking at buying all of Cambridge Antibody Technology.

AstraZeneca (AZN) - Get Report is in talks to increase its stake in biotech outfit Cambridge Antibody Technology Group (CATG) to full ownership, according to media reports.

Both companies confirmed the negotiations Sunday, according to

The Wall Street Journal

. U.K. newspaper the

TST Recommends

Sunday Times

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.