AirNexis Therapeutics raised $200 million in a Series A and acquired exclusive outside‑China rights to Haisco’s PDE3/4 inhibitor for COPD, funding development of AN01. The deal structure includes a $40 million upfront payment and up to $955 million in milestone and royalty payments to Haisco plus a 19.9% equity stake for the Chinese partner. Investors led by Frazier Life Sciences backed AirNexis; the US startup plans Phase 2 progression of inhaled formulations currently in trials in China. CEO Maria Fardis emphasized the dual‑formulation strategy (suspension and powder) aimed at improving efficacy and patient experience versus existing COPD therapies.