Kodak, the photography company that invented the digital camera, got a $765 million loan from the government under the Defense Production Act to speed U.S. drug production and lessen the country's reliance on foreign sources, The Wall Street Journal reported.
Kodak plans to produce active pharmaceutical ingredients for generic drugs, including hydroxychloroquine.
The loan comes from the U.S. International Development Finance Corp. and is similar to a commercial loan, Kodak CEO Jim Continenza told the Journal. It must be repaid over 25 years.
The loan is meant to help the U.S. ease its reliance on China and India for APIs, Mr. Continenza said.
He added that Kodak, mostly known as a photography company, expects pharmaceutical ingredients to gradually make up 30 percent to 40 percent of its business.
"We have a long, long history in chemical and advanced materials — well over 100 years," Mr. Continenza told the Journal. He said Kodak’s existing infrastructure will allow it "to get up and running quickly."
Mr. Continenza said the loan will create about 300 jobs in Rochester, N.Y., where Kodak is based, and 30 to 50 jobs in Minnesota.
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