`
`Page 1 of 4
`
`Kyle Bass' war against the US
`pharmaceutical industry has officially
`begun
`
`JULIA LA ROCHE
`FEB. 10, 2015, 2:48 PM
`
`Texan hedge fund
`manager Kyle Bass' war
`against the US
`pharmaceutical industry
`has officially begun.
`
`The founder of Hayman
`Capital has filed an 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
`Therapeutics (ACOR) fell
`9.65%.
`
`REUTERS/Brendan McDermid
`Kyle Bass.
`
`In early January, it was leaked following a conference that Bass has a "short activist
`strategy" against the US pharmaceutical industry and its "BS patents."
`
`http://www.businessinsider.com/kyle-bass-files-first-ipr-petition-2015-2
`
`Patent Owner Ex. 2014
`IPR2015-01241
`Page 1 of 4
`
`
`
`Kyle Bass files first IPR petition - Business Insider
`
`Page 2 of 4
`
`"We'll have a separate pharmacy vehicle. We've dedicated half of our resources over
`the past six months to this," Bass told attendees at the Skagen New Year's Conference
`in Copenhagen during his presentation titled "The US Has A Drug Problem."
`
`According to an attendee, 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.
`
`He continued: "The beautiful thing is this will lower drug prices for everyone."
`
`Bass is currently raising money for the pharmaceutical fund, Business Insider has
`learned.
`
`Here's a chart:
`
`Yahoo Finance
`
`Here's the IPR petition:
`
`IPR2015-00720 (Petition) by Markman Advisors
`
`http://www.businessinsider.com/kyle-bass-files-first-ipr-petition-2015-2
`
`Patent Owner Ex. 2014
`IPR2015-01241
`Page 2 of 4
`
`
`
`Kyle Bass files first IPR petition - Business Insider
`
`Page 3 of 4
`
`(cid:3095)
`
`(cid:3095)
`
`(cid:3097)
`
`NOW WATCH: 11 Mind-Blowing Facts About North Korea
`
`(cid:3096)
`
`(cid:3098)
`
`http://www.businessinsider.com/kyle-bass-files-first-ipr-petition-2015-2
`
`Patent Owner Ex. 2014
`IPR2015-01241
`Page 3 of 4
`
`
`
`Kyle Bass files first IPR petition - Business Insider
`
`Page 4 of 4
`
`More: Hedge Funds Kyle Bass Pharmaceutical Drugs
`
`•••
`
`http://www.businessinsider.com/kyle-bass-files-first-ipr-petition-2015-2
`
`Patent Owner Ex. 2014
`IPR2015-01241
`Page 4 of 4
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