The Dublin-based drugmaker is said to be deliberating prices with Baxalta. Bloomberg reports that the two companies are considering a price between $46.50 and $48 per share. The deal in total would be worth about $32 billion in cash and stock, not including debt.

Fortune reported earlier this year that Shire (SHPGF) propositioned Baxalta with an unsolicited offer. When the company rejected Shire’s offer, chief executive Flemming Ornskov went public with the company’s plan, putting pressure on Baxalta. He said that a combination “would be strategically and financially attractive for both of our companies, accelerating our respective growth ambitions and creating the leading global biotech company in rare diseases.” Shares in Baxalta immediately went up following the announcement.

Shire spent most of 2014 discussing an acquisition by Abbvie (ABBV). When the deal fell through Shire changed its approach and instead began acquiring other companies, particularly those that specialize in rare conditions.

Shire bought NPS Pharmaceuticals (NPSP) in January for $5.2 billion, agreed to buy Foresight Biotherapeutics (FGFH) in August for $300 million, and acquired Dyax (DYAX) in November for $5.9 billion.