Acorda Therapeutics (ACOR) Surges After Kyle Bass Loses Patent Challenge

The U.S. Patent and Trademark Office on Monday rejected an attempt by hedge fund manager Kyle Bass to challenge two patents relating to Acorda Therapeutics Inc.’s flagship multiple sclerosis drug Ampyra.

Mirroring the development, shares of Acorda surged 31% to $38 in after-hours trading on Monday, and are currently up 15% in market trading on Tuesday.

Bass’ strategy of challenging patents

As detailed by ValueWalk, Kyle Bass, founder of Dallas-based hedge fund Hayman Capital Management, filed his first Inter Partes Review (IPR), a legal move challenging big pharma and their control over drug distribution and prices, back in February. His first target was Acorda Therapeutics,...