Capsugel‘s private equity owner is said to be exploring a sale or initial public offering for the Pfizer (NYSE:PFE) spinout.

A deal could value Capsugel, which makes hard capsules and drug delivery products, at more than $5 billion, Reuters reported, citing “people familiar with the matter.” Private equity shop KKR & Co. (NYSE:KKR) paid $2.38 billion for Capsugel in April 2011.

Morristown, N.J.-based Capsugel’s suitors include 3M Cos. (NYSE:MMM), Danaher (NYSE:DHR), Becton Dickinson & Co. (NYSE:BDX), Thermo Fisher (NYSE:TMO), Bayer (ETR:BAYN) and Catalent (NYSE:CTLT), the sources told Reuters.

The sources asked not to be identified because the sale process is confidential. KKR and 3M declined to comment, while representatives of Capsugel, Danaher, Becton-Dickinson, Thermo Fisher, Bayer and Catalent did not respond to requests for comment, according to the news service.