Torrent Pharmaceuticals Limited (BSE:500420) is in advanced negotiations with CVC Capital Partners Limited to form a consortium and raise at least $1.2-$1.5 billion from the European buyout fund as the Ahmedabad-based pharma-power conglomerate puts together a INR 600,000 million ($7 billion) acquisition financing package, one of the largest in recent times, to acquire rival Cipla Limited (NSEI:CIPLA), said people in the know.