Eastman Kodak is soaring in intraday trading on Tuesday.
The Wall Street Journal reported that report said the company, which used to specialize in camera-related products was granted a $765 million government loan to boost the production of a variety of drugs.
Kodak now makes print and advanced materials and chemicals.
The U.S. International Development Finance Corp. is making the loan under the Defense Production act and hopes to curb U.S. dependence on drugs made overseas, The Wall Street Journal reported.
Kodak will make ingredients for generic drugs, including the anti-malarial drug hydroxychloroquine that President Trump has previously pushed as--and took--as a treatment for the coronavirus.
The loan is due to the government wanting to wean the country off dependence on China and India, Kodak CEO Jim Continenza and U.S. officials told the Journal.
The stock has slumped 35% year to date through Monday. As of Tuesday, it's up 66% year-to-date and is up 255% in the past five days.
In Tuesday trading, it was up over 150%.
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