The chronic obstructive pulmonary disease (COPD) market is becoming increasingly crowded, but significant unmet need remains due to the lack of a disease-modifying therapy. In recent years, several new combination therapies have been approved for the treatment of COPD, further increasing the competition. Although these new therapies perform well on a variety of clinical end points, most offer only incremental improvements, and none have yet demonstrated a statistically significant decrease in all-cause mortality. Owing to the high level of unmet need in COPD, significant clinical and commercial opportunity remains for therapies that can provide a decrease in all-cause mortality, number of exacerbations, or improvement on several clinically important end points, including FEV1 and frequency of exacerbations, compared with current standards of care.

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