Kyle Bass made a fortune in the financial crisis when his hedge fund, Hayman Capital Management , bet big against subprime mortgages.
Now Mr. Bass is wagering against pharmaceutical companies that he says exploit the patent system, keeping drug prices — and their profits — in the stratosphere. He has a formidable colleague in the effort: Erich Spangenberg, a man who became reviled in Silicon Valley for bringing lawsuits against technology companies that he contended had infringed on a patent.
Through the Coalition for Affordable Drugs, a company they formed this year, Mr.
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Bass and Mr. Spangenberg identify pharmaceutical patents that they consider weak or abusive.
Then they request that a unit of the United States Patent and Trademark Office review the legitimacy of the patents. By mid-November, the firm had filed 33 requests for patent reviews, targeting 13 drugs from a dozen companies.
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At the same time, on behalf of themselves and their investors, Mr. Spangenberg are short-sellers of shares in companies whose patents they consider vulnerable. They also buy stock in companies whose patents, they believe, reflect true innovation. When drugs come off patent and can be sold by generic drug makers, their prices plummet.
Brendan Pierson
Big pharmaceutical companies moaning about others profiteering at their expense? In a case brought by Celgene requesting sanctions against the coalition and its review requests, the board ruled against Celgene. To help draw attention to their campaign, the coalition will pay all the costs of the two reviews and will have no financial interest in either outcome.
Bass said. Spangenberg acknowledges that it is something of a paradox for him to be challenging patents instead of defending them as he did so aggressively — and successfully — at IP Navigation Group, a company he founded in Two years ago, he said, he began delegating day-to-day management of IPNav to colleagues, focusing on nXn Partners, a company that uses big data to conduct predictive analysis for the government and corporations. The analytics developed by nXn can also predict patent validity, he said, adding that he now spends 80 percent of his time on coalition work.
One of the patents Mr.
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Spangenberg are challenging is for Propofol, an anesthetic marketed by Fresenius Kabi under the name Diprivan. The other covers Suprenza , a weight-loss drug from Citius Pharmaceuticals. Propofol, a year-old therapy used in an estimated 80 percent of operations nationwide, is protected by a patent not on the drug itself but on the rubber stopper used in its container. I did not make her feel relaxed, I did not make her pay for any gnc fat burners drink, nor did she make any recommendations.
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