LIVE: Kyle Bass speaks at a conference in NYC after initiating a big short
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Bass recently revealed that he's taking an "activist short strategy" against the US pharmaceutical industry and their patents.
The Hayman Capital founder filed his first inter partes review (IPR) petition with the US Patent and Trademark Office challenging Acorda Therapeutics' patent of its flagship drug Ampyra-a treatment that helps improve walking in Multiple Sclerosis patients. Shares of Acorda fell 9.65% on the news.
Just last month, Bass announced at a conference in Copenhagen that his fund has a separate pharmacy vehicle with half of the fund's resources dedicated to it.
Bass told conference attendees that "pay for delay" is coming to an end for drugmakers. He also said he planned to file IPR petitions to challenge the validity of drugmaker patents.
"This will change the way pharma companies [manage] their BS patents," Bass said at that conference.