Goldman Sachs and JP Morgan have been tasked with leading the offering according to Reuters, which cited people familiar with the matter.
The news comes less than three months after it emerged TPG had hired JP Morgan and Evercore Partners to explore the sale of the Canada-based business.
TPG bought the drugmaker for $1.3bn in 2007, when it was known as Axcan Pharma, before merging it with Euran Pharmaceuticals in 2011 and renaming it Aptalis.
The company develops and markets prescription products to treat gastrointestinal diseases and disorders such as inflammatory bowel disease, irritable bowel syndrome, and cholestaticliver diseases.
It recorded revenues of $615m and EBITDA of $269m for fiscal 2012, according to an earlier Reuters report.
In July it was reported that TPG was nearing a deal to acquire Envision Pharmaceutical Holdings, which has annual revenues of more than $3.5bn.
Envision provides pharmacy benefit management services including network-pharmacy claims processing, mail-order, benefit-design consultation, drug-utilisation review, formulary management, disease management, and drug data analysis services.
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