Kodak pivots to drugs after abandoning photography, crypto – BetaBoston

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Some financial analysts and economic development experts have greeted the proposal with skepticism. Kodak filed for bankruptcy in 2012 after getting lapped by rivals in digital photography and failing to make good on an earlier multibillion-dollar acquisition of a pharmaceutical company. It also has little to show for the planned introduction of a cryptocurrency two years ago. Why, then, would the government pick Kodak to spearhead efforts to reinvigorate a pharmaceutical production supply chain in the US?

‘‘We are puzzled by the Trump Administration’s decision,’’ analysts at SVB Leerink wrote in a research note. ‘‘In particular, we find it puzzling why generic pharmaceutical companies who have the capabilities and know-how for this have not yet been awarded such contracts.’’

Production of active pharmaceutical ingredients for generics is a ‘‘Herculean task,’’ they wrote. Ami Fadia, a senior analyst at SVB Leerink, said Kodak is ‘‘not even on the list’’ of companies she would have envisioned for such a loan.

Trump administration officials and New York Governor Andrew Cuomo lauded the planned loan, administered by the US International Development Finance Corporation under the auspices of the Defense Production Act.

‘‘It’s going to be the renaissance of the great state of New York as an industrial power,’’ Peter Navarro, President Trump’s trade adviser, said in a Tuesday interview
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