Washington, July 29: Kodak, the popular maker of cameras and shooting equipment has ventured into the medical industry. Kodak, seeing the decline in camera sales, moved to drug making. In last two days, Kotak stock surged as much as 1900 percent after the company secured a USD 765 million government loan to produce generic drug amid the novel coronavirus pandemic.
The Camera company's shares more than tripled on Tuesday and then jumped as much as 570 percent on Wednesday. The group's market capitalisation also zoomed over twentyfold to around $2.2 billion at one point. Kodak Lands Loan to Bolster US-produced Drug Supply.
President Donald Trump hailed the agreement during White House Briefing. He called it "one of the most important deals in the history of US pharmaceutical industries." The President added that the US should not be "reliant on foreign nation for America's medical or other needs."
"Kodak is proud to be a part in strengthening America’s self-sufficiency in producing the key pharmaceuticals we need to keep our citizens safe. More to come at the signing ceremony," Kodak tweeted.
(The above story first appeared on LatestLY on Jul 29, 2020 10:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).