AirNexis Therapeutics closed a $200 million Series A and in‑licensed HSK39004 (AN01) from Haisco to advance a China‑origin PDE3/4 inhibitor for COPD. The deal gives Haisco a 19.9% equity stake and up to $955 million in milestones plus royalties, while AirNexis paid $40 million upfront and will fund global development outside China. AirNexis said AN01’s dual PDE3/4 mechanism aims to combine bronchodilation and anti‑inflammatory effects and is in multiple Phase 2 trials in China. The financing round was led by Frazier Life Sciences with participation from OrbiMed, Goldman Sachs’ life sciences arm and SR One, signaling Western investor interest in China‑sourced respiratory assets scaled for global markets.