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Shares of drug maker Mallinckrodt  (MNK) 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 hired Credit Suisse  (CS) to handle the sale, which could net the company as much as $1 billion., sources told Reuters.

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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