Kodak shares add another 500% as drug shift keeps boosting stock

Kodak lands loan to bolster facility in Minnesota and promote US-produced drug supply

The Eastman Kodak Company, more commonly known as Kodak, is reportedly on the verge of entering the global pharmaceuticals space, with the launch of its new arm, Kodak Pharmaceuticals. This follows the 203 percent spike on July 28 when the United States government awarded a first-of-its-kind $765-million loan to Kodak to produce ingredients under the Defense Production Act.

The unit will make essential drug components that are in "chronic national shortage" as defined by the Food and Drug Administration.

The bottom line: "The loan is the first of its kind under the Defense Production Act, which the Trump administration has previously invoked to speed the production of Covid-19 related supplies such as ventilators".

Kodak Lands $765M Loan to Bolster US-Produced Drug Supply under Defense Production Act. "By leveraging our vast infrastructure, deep expertise in chemicals manufacturing, and heritage of innovation and quality, Kodak will play a critical role in the return of a reliable American pharmaceutical supply chain".

According to The Verge, Kodak will then be America's "arsenal for medicine" as it will be repurposing its factories in New York, Rochester, and St. Paul, Minnesota for generic drug production, creating about 1,500 direct and indirect jobs. Reportedly, the LOI will be signed by Boehler and Continenza, and the signing ceremony is likely to attract remarks from President Donald Trump and Andrew Cuomo, the Governor of NY.

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Meanwhile, Assistant to the President and Director of the Office of Trade and Manufacturing Policy at the White House Dr. Peter Navarro said the partnership is "a big win for the use of President Trump's DPA powers" and an enormous leap towards having an independent American pharmaceutical industry.

It's a massive boost for a once-loved American brand that has always been a symbol of family memories but whose stock has been languishing for decades as the digital revolution forced Kodak into bankruptcy.

The vast majority of hospitals in the USA are reportingshortages in drug treatments for Covid-19 patients as the supply chain from China was disrupted due to factory shut-downs amid the pandemic. Kodak Pharmaceuticals would balance that difference. "Once Kodak ramps up we will have the ability to tap into that capacity for domestic use".

Of course, this is also a strategic investment in the midst of the COVID-19 virus pandemic.

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