U.S.-based Pfizer Inc. (PFE) is in advanced talks to acquire control of Brazilian generic drugs manufacturer Teuto, local newspaper Valor Economico reported Thursday.

According to the newspaper, citing an unnamed source close to talks, Pfizer has concluded the due diligence process already and may announce the deal in the next few weeks.

Although in advanced talks with Pfizer, Teuto is also in talks with Pfizer's U.K.-based rival, GlaxoSmithKline PLC (GSK, GSK.LN); Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV); Blackstone Group LP (BX); and various international investment funds, the newspaper said.

Teuto is based in Goias state and in 2009 posted revenue of about 300 million Brazilian reals ($171 million).

"Pfizer will not comment on market speculation," the company's press office said in an email to Dow Jones Newswires.

Teva and GlaxoSmithKline also said they wouldn't comment on market rumors.

Israel-based Teva already has shown a clear interest in expanding outside of its core North American market. It has estimated the majority of growth in the generics and branded drug market through 2015 will come from the markets of Brazil, Russia, India, China, Turkey, Mexico and Japan.

"These are really the strategic countries," Chaim Hurvitz, president of Teva International, said in January. "Three-quarters of the growth is going to come from that side...and we have to be there."

The possible interest of Pfizer in acquiring generic-drug manufactures comes as the company faces the end of patent protection for some of its key products within the Brazilian market.

Late Wednesday, the Brazilian Federal Appeals Court ordered an end to patent protection for the drug Viagra, manufactured by Pfizer.

The court ruled that patent protection within Brazil will end for the drug as of June 20. With the decision, Pfizer lost its exclusive right to produce the erectile-dysfunction medication within Brazil. The ruling paved the way for generic versions of the drug to be manufactured by other companies for the Brazilian market.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; rogerio.jelmayer@dowjones.com

(Thomas Gryta in New York and Marietta Cauchi in London contributed for this report)