• Participant must be ≥40 years of age at the time of signing the informed consent.

• Documented primary diagnosis of moderate to very severe COPD for at least 12 months prior to enrolment.

• Pre-BD FEV1/FVC \< 0.7 at Visit 1 and pre- and post-BD FEV1/FVC \< 0.7, and post-BD FEV1 ≥ 25% to \< 80% of predicted normal at Visit 2.

• Documented history of ≥ 2 moderate or ≥ 1 severe COPD exacerbations in the 12 months prior to screening.

• Documented stable regimen of inhaled triple maintenance therapy or inhaled dual maintenance therapy for ≥ 3 months prior to screening.

• CAT score ≥ 10 at Visit 1.

• Current or ex-smokers with a cigarette smoking history of ≥ 10 pack-years.

• Participants who are clinically stable and free from an exacerbation of COPD for 4 weeks prior to Visit 1 and remain exacerbation free at Visit 3 (randomisation).

• Negative pregnancy test at Visit 1 and Visit 3 for Women Of Child-Bearing Potential (WOCBP).