And "this isn't the first time Kodak has dipped its toes into pharmaceuticals, though it only stayed in the business for a few years the last time around". Jim Continenza, the Executive Chairman at Kodak, detailed on the latest move, "Kodak is proud to be a part of strengthening America's self-sufficiency in producing the key pharmaceutical ingredients we need to keep our citizens safe". In 1988, it bought Sterling Drugs for about $5.1 billion but later sold it in 1994.
Details: The loan appears to come from the U.S. International Development Finance Corp.
Only 28 per cent of the manufacturing facilities making ingredients used in drugs sold in the United States were produced domestically, as of August 2019, according to the Food and Drug Administration. These include those needed to fight against coronavirus like the anti-malarial drug, hydroxychloroquine.
The goal is to ramp up production of pharmaceuticals in the U.S.to a point where the country is able to produce 25% of the active ingredeients necessary to make its own medicines.
"We're here to ... help fight the pharmaceutical blockage in the USA and the lack of supply", Continenza said on FOX Business' "Varney & Co".
"We will be self-reliant and that will ensure our safety", DFC CEO said Adam S. Boehler.
What has happened so that the value of these shares has risen so much, if the Kodak camera business has not changed significantly?
Bloomberg reported that the company shares closed the July 28 trading with 203% gains with its price rose to its highest after two and a half years.
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. It only had a cash balance of $209 million ending the first quarter.