Shares in Eastman Kodak (NYSE:KODK) have surged higher premarket after a report from The Wall Street Journal suggesting the company has landed a $765 million US loan to manufacture drugs to treat a variety of conditions under the Defense Production Act.
The loan, if issued, would be the first of its kind, with its purpose being to help “expedite domestic production of drugs” to help treat different medical conditions and take away the US’s “reliance on foreign sources,” according to the WSJ report.
In an interview with Fox Business, White House Trade Advisor, Peter Navarro, commented: “This is the beginning of American independence from our pharmaceutical dependence on foreign countries.”
He went on to say that US President, Donald Trump had told his office “we need to bring those supply chains back.”
After the WSJ report, shares in Eastman Kodak exploded higher. They are currently trading at $8.74, +233.59% after yesterday’s 24% rally higher.
Yesterday, the US President visited one of Kodak’s biggest rivals, Fujifilm to award them a $265 million loan to expand COVID-19 manufacturing.
“We are mass-producing all of the most promising vaccine candidates in advance, so that on the day one that it’s approved, it will be available to the American people immediately,” Trump said.