Eastman Kodak CEO James Continenza has made almost $80 million this week as the company's market cap exploded in the wake of a $765 million loan from the government to produce coronavirus related drugs.
The unit will make essential drug components that are in "chronic national shortage" as defined by the Food and Drug Administration. (DFC) and Department of Defense (DoD) to collaborate on COVID-19 response.
Kodak Executive Chairman Jim Continenza said they will leverage its infrastructure and expertise in chemicals manufacturing to "play a critical role in the return of a reliable American pharmaceutical supply chain".
Existing facilities in Minnesota, New York, St. Paul and Rochester will be expanded under a new Kodak Pharmaceuticals arm, the company added. 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.
The Wall Street Journal reports that Kodak received the first loan of its kind under the Defense Production Act, which is part of a USA effort to reduce its dependence on foreign countries by bringing production of certain things back onto American soil.
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The enormous rally in Kodak (KODK) shares has no end in sight, after the Trump administration announced the company will be transformed into a pharmaceutical producer under the Defense Production Act.
The US International Development Finance Corporation will lend the cash to Kodak under the Defence Production Act, which requires companies to accept and prioritise government contracts for national security and other reasons.
Kodak's stock price skyrocketed today.
The vast majority of hospitals in the U.S. 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. This agency has commented that only 10% of pharmaceutical ingredients are produced in the United States, while the citizens of that country use 40% of all stocks in the world. The company will soon be involved in the pharmaceutical drug industry.
"Fujifilm is also several steps ahead of Kodak in the pharmaceutical realm. Once Kodak ramps up we will have the ability to tap into that capacity for domestic use".