According to people close to the matter, Takeda is expected to receive binding offers for its Latin American business by the end of the month, as reported This Is Money Thursday.
The sources indicated that Brazilian firm EMS is considered a frontrunner, while investment firm Patria Investments could also submit a bid.
Meanwhile, private equity firms Advent International and CVC Capital Partners as well as strategic bidders such as Brazilian pharmaceutical company Eurofarma are unlikely to submit offers despite previously analysing the business.
The people indicated that Takeda expects bids in the range of $1 billion for the unit, which generates about 4 percent of its global income.
Takeda is currently looking to divest approximately $10 billion in non-core assets after completing its $59-billion takeover of Shire.