Horizon Pharma and Bank of America declined to comment.
Horizon makes drugs to treat ailments that include arthritis, inflammation and orphan diseases. It had net sales of $757 million in 2015.
Horizon Chief Executive Tim Walbert has been vocal about his desire to expand Horizon through acquisitions at a time when valuations throughout the life sciences sector are down significantly from their 2015 highs.
Walbert has also said the company has the ability to raise a significant amount of additional financing from debt markets, citing Horizon's relatively low ratio of net debt to earnings before interest, taxes, depreciation and amortization.
The valuations of specialty pharmaceutical companies have fallen partly because Canadian peer Valeant Pharmaceuticals International's drug pricing practices have attracted scrutiny from regulators and politicians.
Valeant, as well as rival Endo International, have been contemplating asset sales as they seek to pay back debt accumulated during years of aggressive dealmaking, Reuters has reported.
Earlier this year, Horizon acquired Crealta Holdings for $510 million, adding its gout treatment to a portfolio of drugs focused on rare diseases, rheumatology and primary care.
Walbert has said he wants to increase Horizon's focus on rare diseases, which would pivot the company away from primary care, where pricing pressure has been more pronounced.
In 2015, Horizon raised $1.75 billion through four debt and equity offerings. As a result, it lowered the annual cash interest rate on its debt from 7.7 percent to 4.7 percent.
Horizon last year launched and then abandoned a hostile bid to acquire peer Depomed, after a California court ruled that the overture was based on improper use of confidential information.