Kodak CEO the picture of wealth on stock rally, government deal

Some of those drugs are even used in the fight against COVID-19.

Kodak stock soared 200% on Tuesday after the camera company secured a $US765 million government loan to produce generic-drug ingredients in response to the coronavirus pandemic.

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 Kodak unit will have the capacity to produce up to 25% of the active pharmaceutical ingredients needed to make generic drugs in the United States, Trump said", Freking adds.

The loan will lead to the creation of Kodak Pharmaceuticals, a new arm of the company that will produce critical pharmaceutical components.

Under government support, the unit will have the capacity to produce up to 25 percent of the active pharmaceutical ingredients (APIs) needed to make generic drugs in the USA and reduce dependency on foreign countries for medical supplies. President Donald Trump spoke about the deal at the White House.

Authorities in Australian state of Victoria make masks compulsory for all
Victoria recorded 627 new cases on Friday, with eight dying from disease - four in aged care - taking the national tally to 197. The second most populous state has also posted its highest daily cases and deaths since March, with 723 cases from Wednesday.

Those holdings are worth more than $135 million after costs, based on Kodak's closing stock price of $33.20 on Wednesday.

The company's shares soared by nearly 600% in trading on Wednesday and trading was halted ten times Wednesday morning due to the stock's volatility.

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

In 2012, the company had filed for bankruptcy due to the shifting consumer preferences to digital cameras.

Kodak shares tripled on Tuesday on news of a $765 million loan to shift part of its factories to produce drug ingredients. The administration previously used these powers to demand that Ford Motor Co begin manufacturing respirators and masks and that General Motors Co make ventilators.

In May, the government alsoawarded $812 million to the drug manufacturing corporation Phlow to start producing active pharmaceutical ingredients.