FRANKFURT (Reuters) -Shares in Bayer jumped more than 8% on Monday after initial clinical trial results turned around the fortunes of a key cardiovascular drug that suffered a major development setback two years ago.
The German diversified group said on Sunday that a combination therapy with its asundexian drug candidate significantly reduced the risk of ischemic stroke when compared with placebo in patients who had previously suffered a stroke or similar blocked blood vessels in the brain.
At the end of 2023, the company suffered a major setback with the promising blood thinner candidate when it failed in a clinical trial involving the larger patient group with atrial fibrillation who are at risk of stroke but who hadn’t yet had one.
Bayer’s shares traded at 29.92 euros ($34.49), their highest in more than a week, at 0816 GMT.
The results are a much-needed success for CEO Bill Anderson who is overhauling management structures as he seeks to cut massive financial debt and to fight costly litigation over weedkiller Roundup and polychlorinated biphenyls contamination.
In the Phase III study, a daily asundexian dose of 50 milligrams significantly reduced the risk of ischemic stroke with no increase in the risk of major bleeding compared with a placebo, Bayer said.
Detailed results from the study known as OCEANIC-STROKE will be presented at an upcoming scientific congress, said Bayer.
Bayer added that it plans to speak with health authorities worldwide in preparation for the submission of marketing authorisation applications.
($1 = 0.8676 euros)
(Reporting by Ludwig Burger; Editing by Kirsten Donovan)
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