The president last night announced an agreement with Kodak (NYSE:KODK) for that company to produce generic drugs here in the U.S.
Shares more than tripled in the regular session on Tuesday after the WSJ reported on the deal – a $765M loan to help speed domestic production of drugs.
Shares are higher by 62% premarket to $12.86. They closed Friday at $2.62.
Update at 10:30 AM ET: Shares are now up 450% to $43.50 per share, already having blown through a number of volatility halts.
Appearing on CNBC this morning, CEO James Continenza says Kodak can be competitive in pharmaceuticals, noting it’s already got a factory with its own power, steam, waste recovery, and rail system. “The infrastructure is there. I’m not paying for that. Those are huge costs.”
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