Shares of drug maker Mallinckrodt (MNK) - Get Report were falling Wednesday afternoon on reports that the company is looking for a buyer for its generic drug unit. The unit was responsible for about 30% of the company's revenue in the first quarter.
The company has begun to switch its focus to the specialty pharmaceuticals business it acquired when it bought Questcor Pharmaceuticals for $5.6 billion in 2014. The division accounted for over 60% of the company's sales in the first quarter.
Mallinckrodt shares were down nearly 2% early Wednesday afternoon.
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