Bayer news ‘boding poorly’ for Bristol Myers’ Factor XIa trial, says Barclays

Barclays notes that Bayer (BAYRY) disclosed Sunday that it was stopping its large phase 3 OCEANIC- AF trial of its oral Factor XIa inhibitor asundexian in atrial fibrillation, or AFib, after ongoing surveillance showed inferior efficacy compared to Eliquis, which the analyst sees having negative read-through to Bristol Myers’ Factor XIa program milvexian in AFib based on similar mechanisms of action, phase 2 results across other indications, and phase 3 trial designs. Given the similarities across Factor XIa programs and a lack of de-risking prior phase 2 data in AFib with milvexian, the firm expects that a “more negative view around LIBREXIA-AF will dominate” until at least the trial has progressed further without being stopped, the analyst tells investors. Barclays keeps an Equal Weight rating and $51 price target on Bristol Myers shares.