--- title: Kodak Shares Jump 2,441% After Winning Bid to Make Drugs description: Shares of Eastman Kodak Co. have leapt 2,441% after winning a government loan to produce ingredients used in medicines to fight COVID-19. canonical: https://time.com/5873271/kodak-government-loan-coronavirus-drugs/ author: TIME article:opinion: false article:content_tier: free article:published_time: 2020-07-29T16:12:40.000Z article:modified_time: 2026-02-24T09:03:38.670Z article:section: Business og:title: Kodak Shares Jump 2,441% After Winning Government Loan to Make Drug Ingredients to Fight Coronavirus og:description: Kodak shares tripled on Tuesday on news of a $765 million loan to shift part of its factories to produce drug ingredients og:url: https://time.com/5873271/kodak-government-loan-coronavirus-drugs/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blta764c3592660fef7/698a10cfb21a9c11b8503dec/kodak-government-loan-coronavirus-drugs.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 og:image:width: 1200 og:image:height: 675 og:image:alt: kodak-government-loan-coronavirus-drugs og:type: article twitter:card: summary_large_image twitter:title: Kodak Shares Jump 2,441% After Winning Government Loan to Make Drug Ingredients to Fight Coronavirus twitter:description: Kodak shares tripled on Tuesday on news of a $765 million loan to shift part of its factories to produce drug ingredients twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blta764c3592660fef7/698a10cfb21a9c11b8503dec/kodak-government-loan-coronavirus-drugs.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  # Kodak Shares Jump 2,441% After Winning Government Loan to Make Drug Ingredients to Fight Coronavirus by [Courtney Dentch / Bloomberg](/author/bloomberg/) ## Courtney Dentch / Bloomberg Jul 29, 2020 4:12 PM CUT  Workers stand near the KODAK billboard at Times Square, New York City. Workers stand near the KODAK billboard at Times Square, New York City.plus49—Construction Photography/Avalon/Getty by [Courtney Dentch / Bloomberg](/author/bloomberg/) ## Courtney Dentch / Bloomberg Jul 29, 2020 4:12 PM CUT Shares of Eastman Kodak Co. have leapt 2,441% higher this week, sending its market valuation to nearly $2 billion, after it won a government loan to help produce ingredients used in key generic medicines to fight the coronavirus. Kodak, the storied photography giant whose business and shares were devastated by the switch to filmless cameras, gained as much as 655% on Wednesday, triggering at least six halts for volatility along the way. More than 110 million shares traded hands, more than 23 times its typical volume. The company’s value climbed to $1.99 billion as of 10:25 a.m. in New York, after closing on Friday shy of $100 million. Kodak shares tripled on Tuesday on news of a $765 million loan to shift part of its factories to produce drug ingredients. The development bank loan was the first of its kind under the Defense Production Act in collaboration with the U.S. Department of Defense, and intended to speed production of drugs in short supply and those considered critical to treat Covid-19, including [hydroxychloroquine](https://time.com/5808894/hydroxychloroquine-coronavirus/ "undefined"), the [controversial antimalarial drug](https://time.com/5833945/hydroxychloroquine-coronavirus-study/ "undefined") touted by President Donald Trump. ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/5873271/kodak-government-loan-coronavirus-drugs/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/5873271/kodak-government-loan-coronavirus-drugs/"},"headline":"Kodak Shares Jump 2,441% After Winning Government Loan to Make Drug Ingredients to Fight Coronavirus","datePublished":"2020-07-29T16:12:40.000Z","dateModified":"2026-02-24T09:03:38.670Z","description":"Kodak shares tripled on Tuesday on news of a $765 million loan to shift part of its factories to produce drug ingredients","url":"https://time.com/5873271/kodak-government-loan-coronavirus-drugs/","keywords":["Companies","wire","COVID-19","News Desk"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blta764c3592660fef7/698a10cfb21a9c11b8503dec/kodak-government-loan-coronavirus-drugs.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Courtney Dentch / Bloomberg"}],"articleSection":"Business","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blta764c3592660fef7/698a10cfb21a9c11b8503dec/kodak-government-loan-coronavirus-drugs.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"kodak-government-loan-coronavirus-drugs","caption":"Workers stand near the KODAK billboard at Times Square, New York City.","creditText":"plus49—Construction Photography/Avalon/Getty","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/business/","name":"Business"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/companies/","name":"Companies"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/5873271/kodak-government-loan-coronavirus-drugs/","name":"Kodak Shares Jump 2,441% After Winning Government Loan to Make Drug Ingredients to Fight Coronavirus"}}]}] ```