Procter & Gamble ( PG) is getting closer to selling its prescription-drug business, a report says.

Parties such as drug maker Warner Chilcott ( WCRX) and private-equity firm Cerberus Capital Management are involved in the later-stage talks with P&G, the Wall Street Journal reports, citing people familiar with the matter.

The unit could be sold for about $3 billion, the people say, the Journal reports.

For Warner Chilcott an acquisition of the P&G business would triple its revenue and give it access to drugs that focus on a wide range of women's health concerns, the newspaper notes. The company's products focus mainly on women's health care and dermatology.

P&G's prescription-drug business makes about $800 million in operating profit on about $2 billion in annual sales. It was put on the auction block in late 2008.

A deal for the operation could be concluded by the end of summer, according to people familiar with the discussions, the Journal reports, although they warned final discussions could still falter.

A P&G spokesman told the Journal it will look at all options to maximize shareholder value, including "continued operations of our strong and profitable business, as well as divestiture of some or all of our pharmaceutical assets."

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