Baxter International (NYSE:BAX) is negotiating to acquire Sweden-based medical equipment manufacturer Gambro, The Wall Street Journal is reporting today. Citing people "familiar with the matter," whom it did not name, the newspaper reported that the deal is worth approximately $4 billion and that the companies are hoping to close a sale within the next few weeks.

Baxter offers peritoneal kidney dialysis products that allow patients to be treated at home. Acquiring Gambro would add a hemodialysis line, a form of dialysis that is usually performed in a medical facility, according to the WSJ. As of the end of September, Baxter had $3.2 billion in cash, although its long-term debt stood at over $5.6 billion.

Gambro was founded in Lund, Sweden, in 1964 by Holger Crafoord, an industrialist who decided to develop and market one of the first artificial kidneys. It sold its U.S. clinics to DaVita (NYSE:DVA) in 2005.

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