Key Inclusion Criteria:

1. Has a clinical diagnosis of COPD prior to randomization, as defined in the protocol
2. Hospitalized or admitted to the ED \>24 hours (from time of first admission or presentation to the ED) for acute exacerbation of COPD as primary diagnosis according to the principal investigator and exacerbation is managed by Systemic Corticosteroids (SCS) ± antibiotics and other appropriate treatments as per SOC
3. Elevated blood eosinophil counts during the current exacerbation, as defined in the protocol. The exacerbation event starts from the day Systemic Corticosteroids (SCS) ± antibiotics are administered continuously up to the day they presented to ED/hospital

Key Exclusion Criteria:

1. Clinical evidence of pneumonia as the primary cause of admission in the investigator's opinion or acquired during hospital stay
2. Complicating pulmonary conditions during the 8 weeks prior to randomization which may confound treatment assessments, as defined in the protocol
3. Clinically significant pulmonary diseases other than COPD which may impair lung function and interfere with treatment assessments
4. Participants with clinically significant α-1 anti-trypsin deficiency which may impair lung function and interfere with treatment assessments
5. Cardiac-related comorbidity, as defined in the protocol
6. Treatment with invasive mechanical ventilation in-hospital during the index event, as defined in the protocol
7. Any biologic therapy or biologic Investigational Medicinal Product (IMP) to treat type 2 inflammatory diseases within 6 months prior to the screening visit or 5 half-lives, whichever is longer, as defined in the protocol

NOTE: Other Protocol-defined Inclusion/Exclusion Criteria Apply