Kodak announces $765m initiative to create Kodak Pharmaceuticals

Kodak Pharmaceuticals would have the capacity at Eastman Business Park to produce up to 25% of active pharmaceutical ingredients used in non-biologic, non-antibacterial and generic pharmaceuticals

Kodak announces initiative to create Kodak Pharmaceuticals. The new business unit would produce critical pharmaceutical components that have been identified as essential but have lapsed into chronic national shortage.

The International Development Finance Corporation (DFC) CEO, Adam Boehler, will sign a letter of interest (LOI) to provide a $765 million loan to Eastman Kodak Company (Kodak) to support the launch of Kodak Pharmaceuticals.

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 DFC's initial screening and will be followed by standard due diligence conducted by the agency before financing is formally committed.

Once fully operational, Kodak Pharmaceuticals would have the capacity at Eastman Business Park to produce up to 25% of active pharmaceutical ingredients used in non-biologic, non-antibacterial, generic pharmaceuticals while supporting 360 direct jobs and an additional 1,200 indirectly.

"Kodak is proud to be a part of strengthening America's self-sufficiency in producing the key pharmaceutical ingredients we need to keep our citizens safe," said Kodak Executive Chairman, Jim Continenza. "By leveraging our vast infrastructure, deep expertise in chemicals manufacturing, and heritage of innovation and quality, Kodak will play a critical role in the return of a reliable American pharmaceutical supply chain."

Kodak Pharmaceuticals will produce critical pharmaceutical components that have been identified as essential but have lapsed into chronic national shortage, as defined by the Food and Drug Administration (FDA). Although Americans consume approximately 40% of the world's supply of bulk components used to produce generic pharmaceutics, only 10% of these materials are manufactured in the US.

DFC's loan will accelerate Kodak's time to market by supporting startup costs needed to repurpose and expand the company's existing facilities in Rochester, New York and St. Paul, Minnesota, including by incorporating continuous manufacturing and advanced technology capabilities. The LOI that will be signed today indicates Kodak's successful completion of DFC's initial screening and will be followed by standard due diligence conducted by the agency before financing is formally committed.

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