Bayer tanks as it stops OCEANIC-AF study early due to lack of efficacy

Bayer (BAYN: DE) shares plunged to their lowest in a decade after the German pharma major said it would discontinue a late-stage trial for a blood-thinning drug for heart disease that had failed to demonstrate efficacy.

The company revealed that the OCEANIC-AF, a Phase III study investigating asundexian compared to apixaban (a direct oral anticoagulant) in patients with atrial fibrillation at risk for stroke is being stopped early. This decision is based on the recommendation of the study’s Independent Data Monitoring Committee (IDMC) as part of ongoing surveillance which showed an inferior efficacy of asundexian versus the control arm. Bayer will further analyze the data to understand the outcome and publish the data.

Bayer’s shares were down 17.6% at 34.14 euros by late-morning trading. Analysts at Barclays said they saw the failure as “a total surprise” and downgraded the stock.