AirNexis Therapeutics raised $200 million to acquire global rights to Haisco Pharmaceutical Group’s inhaled PDE3/4 inhibitor (HSK39004, coded AN01) and advance it in COPD outside China. Under the agreement AirNexis paid $40 million upfront for the asset, Haisco took a 19.9% equity stake and is eligible for up to $955 million in milestones plus royalties. The drug’s dual bronchodilator and anti‑inflammatory profile is intended to improve efficacy and patient experience. Investors backing the round include Frazier Life Sciences, OrbiMed, SR One and others. AirNexis plans to leverage two dosage forms—suspension and powder—in ongoing development, aiming to complete late‑stage studies in western markets while preserving ex‑China rights for Haisco.