Pfizer is nearing a deal to sell its infant nutrition business, with a winning buyer that could be picked as soon as next week, people briefed on the matter said Tuesday.

Nestl appears to be in the leading bidder for the business, these people said, cautioning that the sales process was ongoing and still could fall apart.

Should a deal be reached, it would be the latest move by Pfizer to reshuffle its business mix and focus on its core business of developing new medicines. Last spring, the company sold a division that makes capsule coatings for drugs to Kohlberg Kravis Roberts for about $2.4 billion.

Pfizer announced last summer that it would explore a sale of the infant nutrition business, kicking off an auction that has drawn interest from a number of corporate buyers and private equity firms.

The unit, which reported about $2.1 billion in revenue last year, manufactures infant formula products around the world and is considered to be among Pfizer's faster-growing businesses.

While it trails Nestl in market share, the nutrition unit is big enough that a deal may still present some antitrust hurdles for the Swiss company. That may mean that Nestl may need to make some divestitures to win regulatory approval.

Among the other bidders for the business are Danone and Mead Johnson, the people briefed on the matter said.

Also last summer, Pfizer said that it was exploring strategic options for its animal health business, a larger unit that generated more than $4 billion in revenue last year. The drugmaker has picked three banks - JPMorgan Chase, Bank of America Merrill Lynch and Morgan Stanley - to lead the stock sale of the division, the people briefed on that process said.

Representatives for Pfizer and Nestl were not immediately available for comment.

News of Pfizer's plans was reported earlier by The Wall Street Journal online.

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Pfizer Nears Sale of Infant Nutrition Unit