Kodak secures £592m loan from US government to move into drug production

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In an announcement, described by US President Donald Trump as ‘one of the most important deals in the history of US pharmaceutical industries’ – iconic camera company Kodak has moved into drug production and has secured a £592m loan from the US government.

The US government said it wanted to reduce dependency on foreign countries for medical supplies. Kodak will make ingredients used in generic drugs to help fight the current COVID-19 pandemic.

Pharmaceutical firms across the world are working on finding a cure to coronavirus, and this is the latest step made by a leading nation.

A deal to secure early access to a promising new coronavirus vaccine was also announced by the UK government today, enhancing the growing portfolio of vaccine candidates to protect the public and to save lives.

Kodak’s Executive Chairman Jim Continenza said: “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.”

At the launch of Kodak Pharmaceuticals, Continenza said it would take three or four years to reach large-scale production.

Shares in Kodak rose by 60% following the announcement.

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