Eastman Kodak has landed a $765 million government loan to manufacture drug starting materials and active pharmaceutical ingredients in the U.S.
Kodak was granted the loan through the U.S. International Development Finance Corporation (DFC) to support the launch of a new company, Kodak Pharmaceuticals. When fully operational, the subsidiary could produce up to 25 percent of APIs used in non-biologic, non-antibacterial, generic drugs.
The loan will also cover the costs of repurposing Kodak’s facilities in Rochester, New York and St. Paul, Minnesota to include continuous manufacturing and advanced technology capabilities.
White House Trade Advisor Peter Navarro called the loan a “huge step forward towards American pharmaceutical independence.” — Jordan Williams