Kodak Pharmaceuticals lands $765m USA loan

Kodak’s stock price skyrocketed today. Chart by Google Finance

Kodak’s stock price skyrocketed today. Chart by Google Finance

Photography pioneer Eastman Kodak will receive a $765 million loan from the USA government to manufacture basic ingredients used in pharmaceuticals. Its shares climbed as much as 66% in pre-market trading on Wednesday. Kodak's stock fell by 44% this year with only $115 million market capitalization. Continenza's total net worth has risen close to $80 million this week as the value of his shares rose by about $20 million and his previously near valueless stock options shot up to $58.2 million.

"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", he said.

Only 28 per cent of the manufacturing facilities making ingredients used in drugs sold in the USA were produced domestically, as of August 2019, according to the Food and Drug Administration. Although Americans consume approximately 40 percent of the world's supply of bulk components used to produce generic pharmaceutics, only 10 percent of these materials are manufactured in the United States. Then, the company vows to produce up to 25% of active "ingredients used in non-biologic, non-antibacterial, generic pharmaceuticals" once it becomes fully operational.

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The group plans to launch a pharmaceuticals division that will make essential drug components now in "chronic national shortage".

"Kodak is proud to be a part in strengthening America's self-sufficiency in producing the key pharmaceuticals we need to keep our citizens safe".

In other words, if you had invested 1,000 euros in Kodak a week ago, you would have more than 18,000 euros right now.

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The Rochester, New York-based company, which for decades was world-renowned for photography equipment, declared bankruptcy in 2012 with rise of smartphone cameras.

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.

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