Palo Alto-based AirNexis Therapeutics closed a $200 million Series A and acquired rights to Haisco’s inhaled PDE3/4 candidate HSK39004 (AN01) outside China, paying $40 million upfront and giving Haisco a 19.9% equity stake. The deal includes up to $955 million in milestones plus royalties and aims to accelerate phase 2 programs originally run in China. The financing, led by Frazier Life Sciences with participation from top life‑science investors, underscores a China‑to‑US asset-advancement model. AirNexis plans dual dosage-form development (suspension and powder) and positions AN01 to address unmet needs in COPD by combining bronchodilation and anti‑inflammatory activity.