and kyle bass embroiled in an ongoing patent litigation bat well one well-known drug maker. >>> and now the ceo of that very company is ready to strike back at bass' claims. he joins us live on set. shiny floor wax, no? not if you just put the finishing touches on your latest masterpiece. timing's important. comcast business knows that. that's why you can schedule an installation at a time that works for you. even late at night, or on the weekend, if that's what you need. because you have enough to worry about. i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. >>> under armour hitting an all-time high after it expected to hit $700 billion by 2018. sara eisen is joining us with that. steph curry of the gold state warriors. hey sara. >> hi. melissa. and stephen curry, fresh off announcing a new deal wither arm your, until 2024. congratulations. >> thank you very much. i like this brand since day one, this is special. >> how much are they paying you. >> we'll keep that to ourselves now but it is par

>> another development in the saga of kyle bass versus biotech kms. this time involving celgene, the ba tent office denying their request to dismiss bass' challenge to some of its patents under cancer drugs. celgene took a different path, they're actually challenging whether his challenges are legitimate given his profit seeking nature. the patent office saying is that profit is at the heart of nearly every patent and nearly every review is not an economic motive does not raise abuse of process issues. they say we take no position on the merits of short selling as an investment strategy other than it is legal and regulated. you're seeing celgene having gone down 4.8%. analysts telling me this is probably not what's driving t looks like potential maybe small victory for bass. >> there was plenty that have weakness to go around today. thank you. >>> forget the billion dollar idea, what about the 10 billion dollar one? up next we go behind the scenes

kyle bass joining us from san francisco. let's start there, if we can.tten a lot of attention, even though you have not spoken publicly about this. why you are challenging these patents? you already lost the first two that you have challenged. many say you won't win any of them. >> well, if i listen to many throughout my life i would have never found any of the successes that i found so far. number one, i don't like listening to the many. second of all, when you understand how the pharmaceutical business works, and how you really look into how drug pricing works, it really got under my skin when i met my partner, eric spandenberg in dallas it came to the point where there are plenty of pharmaceutical companies that innovate. we are filing challenges on those drugs that allege innovation, that might be a dosing change. things that are silly that shouldn't be backed by the u.s. patent office and shouldn't allow them to have monopolies. we stated pubically in a filing with congress that we'll file on less than 1% of the drugs that exist, but the ones we're

>> my theory is this -- to me, the kyle bass stuff a couple of weeks ago dove tails toward this and you start connecting dots and i'm not suggesting anything other than the fact this comes on the heels of something that has been in the news, pressuring the names and now you get the double-whammy today with hillary clinton's tweets. i think this empowers kyle bass to amp up her and his rhetoric which will keep the space under pressure. >> i think we have to realize that hillary clinton was a hume proponent of the affordable care act. if she hit this is too hard, people will ask why they didn't solve the problem when they were doing the paperwork that people were doing. >> and moving on. today, volkswagen admitting to cheating on admissions tests and they are hosting an event live in new york. phil le beau is live on-site there. what is the latest. >> the latest is out of washington where the house energy and commerce committee has announced in the coming weeks it will begin congressional hearings looking into the emission issue regarding volkswagen. here in brooklyn because the ceo of vo

the biotech industry has a lot of issues with this, don't expect kyle bass to disappear anytime soon.thank you. guy, dom, what was your reaction to all of this? >> kyle bass is a smart guy and i would hope at least half this is for al troous i can reasons but most of this is probably to try to make money, which is fine. i mean, that's the game? i will say this, though, there are a number of biotech which is an amazing company with a tremendous balance sheet, margins that are unprecedented in the industry that i think still cheap at the current price is trades at. gilead something over the last couple days has been going on with them. the last couple of quarters have been outstanding to say the least and seemingly hidden in all this is that gilead and bristol meyers for whatever reason over the last two or three weeks seemingly are trading in lockstep not to suggest anything that's going to happen or is imminent between the two, but it's worth noting that the last three weeks at least they have been trading eerily similar. >> okay. do you own -- by the way -- >> i do not. i do not. >>

talked about 285 being a left on last night's low and then i think you have something that favored kyle bass in the after market. hillary clinton's remarks this week. all point to these things continuing to go lower. people are selling the etf which drives the stocks down. you can't buy these until they start to report. i think celgene reports in three weeks. otherwise i think timmy's level of 385 is in the cross hairs. >> and this is not just biotech it is health care as large. biotech 20% of the health care sector. but you take a look at the big names, the pfizers, the bristol myers, down big, 2.5%. >> just look at the health care etf which is xlv. that was down. so that has all of the big ones in there. so this was mass liquidation. and we talked about it in health care and biotech in particular where you have investors and people getting into the space and it creates bubble-like characteristics. these were broken before hillary clinton said what she said. but for me, i still think biotech health care is a short until after the presidential election. >> and so that is the point. are you e

we also had kyle bass, a huge henderson fund guy, toward the end of the day, a big legal victory.g sell and also really challenging the structure of biotech in general. if he wins on this patent lawsuit, it could also -- it could be more damaging than what hillary cramer -- hillary clinton wants to do >> what hillary clinton did was open up pandora's box, ordinarily i would blame her for everything but she just said what is the truth; right? th the premiers have been paid, charles, within the biotechnology sector as well as the big health care companies that also went out down, everything went down today that had anything to do with pharmaceutical >> why do prices have to go down? they create a product that eventually there will be a legal knockoff version of, so you've got a small window of recouped money making profit, what's wrong with that? >> well, the pricing, what came to life this week is that you have let's say in europe a drug might cost $20, it's $500,000 for the same therapeutic cycle here and that has opened up the dialogue, which is also that a taxpayer funding and u

embroiled in ongoing patent litigation with kyle bass the hedge fund manager. but tonight the ceo's going to speak out at 5:00. >> kyle spoke with david faber yesterday. a little back and forth. we'll look forward to that show. the fed final decision "fast money." as a reminder, that decision will break at the top of this fine hour. 2:00 eastern time. 11:00 pacific. it's going to be a big day. we'll see you then. "closing bell" starts right now. >>> hi, everybody. welcome to "the closing bell." i'm kelly evans at the new york stock exchange. >> and i'm bill griffeth. we're at the stock exchange. but oil has been the story today. crude spiking. in fact, it's up 5 1/2% right now on the back of a couple of things. bullish inventory report and news about u.s. special forces in syria. that move driving energy stocks higher as well today. look at that. in fact, look at conoco phillips up 4 1/4%. >> conoco too has a lot

he will make that case plus capital management's kyle bass joining sidewalk on the street for an exclusiveew. 10:30 a.m. smiler and bass both interesting, smart, successful guys tomorrow on cnbc. >>> right now when you choose a college you have a couple things, where did your parents go, what schools to you like our use some of those allusive rankings. but the federal government has rolled out something over the weekend which i think -- and i hate to use this term -- really, really could be a game changer for how you select a college. cnbc's sharon epperson joining us now. this is a college score card, i was scrolling through t it's awesome. >> it is awesome and i will agree with you it is a game changer. it is the administration's attempt to help students and their families make better, more informed decisions when it comes to college costs and affordability to avoid financial difficulty, the website is called college score card.ed.gov is designed to determine the cost of college, potential debt and what kids will have to pay for and pay out later. you can compare schools the average koth

targeted the patents of this company and got handed a victory and the ceo will come on and respond to kyle basslegations. >> high stakes. straight over to you. >> "fast money" starts right now. live from the nasdaq markets, overlooking time square. and this is melissa lee. tonight on "fast," we're less than 24 hours away from the biggest fed decision in years and if the fed does not raise rates we'll tell you where black rock is putting the money to work. and carl bass and the ceo of that company is ready to speak on take on bass. he joins us for a first interview. but first to the biggest move in the markets today. >>> that would be crude oil. soaring. setting up 6% on the day. price getting a boost on the