Procter & Gamble is in talks with Pfizer regarding the potential acquisition of its consumer business, however, the purchase is said to be faltering due to the two sides being unable to reach an agreement on the price, according to a report by CNBC.

Procter & Gamble is reportedly looking to pay a value of approximately $15 billion, while Pfizer is seeking at least $20 billion for the division.

The sale, which includes the Chapstick lip balm brand, is hoped to be decided by the end of the month, with Pfizer also said to be considering various options such as a joint venture with other drug agencies.

GlaxoSmithKline, Reckitt Benckiser and Johnson & Johnson are all said to have previously eyed the business.