Updated from Tuesday, March 2NEW YORK ( TheStreet) -- Drug giant Pfizer ( PFE), the world's biggest drug-maker, may be getting bigger. Pfizer is reportedly bidding more than $4 billion to acquire German generic drug firm Ratiopharm. The Pfizer bid, first reported by Bloomberg on Tuesday afternoon, would be the biggest generic drug deal since Teva Pharmaceutical Industries ( TEVA) bought Barr Pharmaceuticals in 2008 for $7.4 billion. If Pfizer is successful, its generic business would rise to an estimated $11 billion, nearing Teva's lead position in the generic market, according to the Bloomberg report. Teva is not planning to allow Pfizer to match its generic drug-buying prowess so easily, and is also bidding for the German generic drug maker, which is owned by the Merckle family. Iceland-based Actavis Group is also reportedly among Ratiopharm's suitors. Given the number of suitors for the German drug maker -- being sold by the Merckle family as a way to repay debt -- Pfizer is reportedly going to make its case to Ratiopharm's management as soon as this week, Bloomberg reports. -- Reported by Eric Rosenbaum in New York. >>See our new stock quote page. Follow TheStreet.com on Twitter and become a fan on Facebook.