According to the U. S. media reports, pharmaceutical major Pfizer Inc. is having negotiations to acquire rival drug maker Wyeth in a deal that could be valued at more than $60 billion.

The Wall Street Journal has reported that the New York based Pfizer and New Jersey based Wyeth are having discussions regarding the acquisition deal for several months.

If the deal materializes, the merger of the two U. S. pharmaceutical giants will give birth to pharmaceutical colossus. Pfizer ranks at number one in the world in sales. It is best known for its number-one selling drug Lipitor (atorvastatin, used to lower blood cholesterol) and the famous erectile dysfunction drug Viagra (sildenafil citrate).

Wyeth, on the other hand, is one of the biggest pharmaceutical companies in the world. It is best known for its over-the-counter drugs, such as Robitussin, analgesic Advil (ibuprofen), and the prescription drugs - Premarin and Effexor.

However, both the companies denied the reports and refused to comment on these, saying they are mere "market rumors". Pfizer spokesman Raymond F. Kerins Jr. said the company doesn't comment on "market rumors and speculation." "We don't comment on marketplace rumor," said a Wyeth spokesman.