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Kodak Triples on Loan to Make Covid-19 Drug Ingredients

  • Storied photography giant to repurpose manufacturing sites
  • Defense Production Act invoked in the $765 million loan
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WATCH: President Trump says Kodak will help make medicines to fight Covid-19.Source: Bloomberg)
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Eastman Kodak Co. shares more than tripled Tuesday on a $765 million government loan to help produce ingredients used in key generic medicines to fight the coronavirus.

The development bank loan is the first of its kind under the Defense Production Act in collaboration with the U.S. Department of Defense. It’s intended to speed production of drugs in short supply and those considered critical to treat Covid-19, including hydroxychloroquine, the controversial antimalarial drug touted by President Donald Trump.