The company plans manufacture generic critical drug active ingredients are now imported intoUS

Camera film maker Kodak forays into pharma biz

7:20 AM, 30th July 2020
Kodak's Eastman Business Park already has a chemical custom manufacturing business that uses assets in Rochester once devoted to film chemistry. The company plans to manufacture APIs at this location.

ROCHESTER, US: Eastman Kodak Company has signed a letter of intent (LOI) for a $765 million US government loan with which it plans to begin production of critical active pharmaceutical ingredients (APIs) that the US now imports.The new business unit will produce critical pharmaceutical components that have been identified as essential but have lapsed into chronic national shortage.

The LOI signed during an event at Kodak Center in Rochester attended by Kodak Management and senior government officials indicates Kodak’s successful completion of Development Finance Corporation’s (DFC) initial screening and will be followed by standard due diligence conducted by the agency before financing is formally committed.Once fully operational, Kodak Pharmaceuticals will have the capacity at Eastman Business Park to produce up to 25 percent of active pharmaceutical ingredients used in non-biologic, non-antibacterial, generic pharmaceuticals while supporting 360 direct jobs and an additional 1,200 indirectly.

The loan will be from the US International DFC, a development bank. The bank calls the loan the first use of a new authority from president Trump allowing it to support US response to COVID-19 under the Defense Production Act, including the re-shoring of resources produced overseas.Kodak plans to use the loan to add API equipment to its facilities in Rochester, New York, with an emphasis on continuous manufacturing and other advanced technology. The company said it will work with US and drug company officials to prioritize APIs that are in greatest need.Kodak already has a chemical custom manufacturing business that uses assets in Rochester once devoted to film chemistry.

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