Biopharmaceutical maker Shire (SHPG) - Get Report is in advanced talks to acquire Baxalta (BXLT) for about $32 billion in cash and stock, Bloomberg reported Saturday, citing people familiar with the matter.

The deal could be announced as soon as this week, Bloomberg said, adding that two of the people said the price discussed is $46.50 to $48 a share, though price and timing are under negotiations and could change.

The combined company would generate $20 billion in sales by 2020, with as many as 30 new drugs to launch over five years.

Dublin-based Shire has been focusing on acquiring companies with treatments for rare conditions, including the November purchase of Dyax for $5.9 billion and the $5 billion acquisition of NPS Pharmaceuticals in February, Bloomberg noted, adding that the drugmaker has been bulking up following AbbVie's abandoned $52 billion buyout of the company last year.

In late November, Baxalta stock surged after Reuters reported Shire's plans to make a new takeover bid for the biopharmaceutical company. The company has been attempting to acquire Baxalta for at least 8 months, according to the report.

American Depository Receipts of Shire were trading 1.9% lower to $205 in after-hours trading, while Baxalta shares were flat at $39.03 in late trade.