Eastman Kodak will receive a loan from the US government for the production of pharmaceutical ingredients

This step is intended to reduce the country’s dependence on foreign suppliers.

Eastman Kodak will receive a $ 765 million loan from the US government to produce pharmaceutical ingredients, which will help reduce dependence on other countries by strengthening domestic supply chains.

The company’s shares, which were trading at $ 2.62 the day before, rose to $ 8.80.

The United States International Development Finance Corp. said on Tuesday that it would sign a letter of interest in providing a loan to Kodak, a company known for producing cameras.

The Trump administration has been seeking to increase the potential for manufacturing drugs and pharmaceutical raw materials in the United States since the COVID-19 pandemic exposed the industry’s dependence on China and India.

“This is the beginning of an era of our liberation from pharmaceutical dependence on foreign countries,” White House trade adviser Peter Navarro told Fox Business.

In May, the administration signed a contract worth up to $ 812 million for the production of medicines and ingredients in the country.

New York-based Kodak has a market capitalization of $ 114.6 million. The loan will launch a new division of the company, Kodak Pharmaceuticals, which will produce important pharmaceutical components.

“By the time the process gets underway, 25 percent of the (active pharmaceutical ingredients) for generics that are needed in the US will be produced directly at this facility,” Navarro said in an interview.