ROCHESTER, N.Y. (WROC) — A big development for a former film powerhouse.

According to a Tuesday report from the Wall Street Journal, Eastman Kodak Co. will be the recipient of a $765 million federal loan to help the film developer transition into drug production amid the fight against COVID-19.

According to the WSJ, the loan is provided under the Defense Production Act via the U.S. International Development Finance Corporation. The report says the move will add 350 jobs for the company, 300 here in Rochester where the company was founded, plus an additional 50 in Minnesota.

According to the WSJ, the reported loan is a first of its kind from the USIDFC under the Defense Production Act. The report says Kodak will produce ingredients for generic drugs, including the antimalarial drug hydroxychloroquine,

Kodak officials are expected to announce more details about this Tuesday afternoon.

Kodak’s stock price spiked in pre-market hours Tuesday as news of the loan agreement broke.

Check back with News 8 WROC as we will continue to update this developing story.