In the unpredictable world of patents, 2015 may be remembered as the year Kyle Bass shook up the pharmaceutical industry. The well-known hedge fund manager entered the patent arena in January when he announced he would be taking on some of the world’s biggest drugmakers by challenging the validity of their patents at the U.S. Patent and Trademark Office.
Bass used procedures established under the America Invents Act, the patent law that cleared a way for issued patents to be challenged quickly and relative cheaply by anyone—even third parties. His actions were part of a strategy under which his firm shorted the stock of the targeted companies, betting that their share prices would fall. But his plan would also benefit the public at large, he argued, as invalidating patents on certain drugs would result in lower prices.
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