A Study to Investigate the Efficacy and Safety of Verekitug (UPB-101) in Adult Participants With Severe Asthma (VALIANT)

Inclusion Criteria:

• Signed, dated, and received a copy of the Institutional Review Board (IRB)/Independent Ethics Committee (IEC)-approved written informed consent form (ICF).

• Age 18 to 80 years of age (inclusive) at the time of consent.

• Physician-diagnosed asthma for at least 12 months prior to Visit 1.

• Participant has evidence of bronchodilator (BD) reversibility as documented byeither historical reversibility (within 12 months prior to study entry) orreversibility during screening.

• Documented treatment with a total daily dose of either medium or high dose inhaledcorticosteroids (ICS) for at least 3 months. Participants on medium dose ICS mustalso have been taking at least one additional maintenance asthma controllermedication for at least 3 months.

• Documented history of asthma exacerbation(s) within 12 months of Visit 1.

• Asthma Control Questionnaire-6 (ACQ-6) score greater than or equal to (>=) 1.5 atscreening and randomization.

• Participant must have a pre-BD FEV1 value of >=30 percent (%) and <=80% predicted atScreening.

• Minimum compliance with daily diary and background asthma medication(s) as capturedin the daily diary during the Run-in Period.

• Agrees to follow the required contraceptive techniques/methods.

• Female or male participant agrees not to donate eggs or sperm, respectively, for aperiod of 120 days after the last dose of the study drug intervention or at theFinal Visit, whichever occurs last.

Exclusion Criteria:

• Inpatient hospitalization due to asthma at any time within 4 weeks prior to Visit 1or during the Screening/Run-in Period.

• Previous exposure to verekitug (UPB-101) or known allergy/sensitivity to any of itsexcipients.

• Previous biologics, including those for asthma treatment, for which the appropriatewashout period is not fulfilled prior to Visit 1. If the half-life is not known, a 24-week washout period prior to Visit 1 should be applied.

• Allergen immunotherapy (unless maintenance dose) within 12 weeks prior to Visit 1 orplans to begin therapy or change dosing during the study.

• For participants taking oral corticosteroids (OCS), the dose has not been stable forat least 2 weeks prior to Visit 1 and/or is >10 milligram (mg) daily, or >20 mgevery other day.

• Evidence of active or suspected bacterial, viral, fungal, or parasitic infectionswithin 2 weeks prior to Visit 1.

• History compatible with or diagnosis of a parasitic infection and has not beentreated or has not responded to standard of care therapy.

• Current tobacco smokers, nicotine vapers (including electronic cigarettes), snuffusers or participants with a smoking history >=10 pack years. (Former nicotinesmokers with a smoking history of <10 pack years, former nicotine vapers and formersnuff users must have stopped for at least 6 months prior to Visit 1 to beeligible).

• Positive coronavirus disease 2019 (COVID-19) test with lower respiratory tractsymptoms within 28 days before Visit 1.

• Pregnant or breastfeeding or planning to become pregnant or breastfeed during thestudy or unwilling to use adequate birth control, if of reproductive potential andsexually active.