Eastman Kodak agreed to buy Sterling Drug for $5.1 billion, or $89.50 a share.

In 1933 he was made president of the newly formed international division of Sterling Drug.

The company noted, however, that third quarter and 9-month sales and earnings would have been records even without the contribution from Sterling Drug.

The acquisition of Sterling Drug promises, among other benefits, to give the company a strong pharmaceutical and distribution network.

Kodak has also been under pressure since announcing an agreement to acquire Sterling Drug.

Sterling Drugs rose 5 1/4, to 62 3/4, on heavy volume.

The offerings coincide with the company's $5.1 billion acquisition of Sterling Drug.

The move was expected to send Sterling Drug to its financial advisers to set up immediate roadblocks.

Sterling Drug, his major stock, was being beaten down mercilessly.

Sterling Drug is developing treatments for cancer, hypertension and cardiovascular conditions.