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 by either historical reversibility (within 12 months prior to study entry) or reversibility during screening. * Documented treatment with a total daily dose of either medium or high dose inhaled corticosteroids (ICS) for at least 3 months. Participants on medium dose ICS must also have been taking at least one additional maintenance asthma controller medication 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 at screening and randomization. * Participant must have a pre-BD FEV1 value of \>=30 percent (%) and \<=80% predicted at Screening. * Minimum compliance with daily diary and background asthma medication(s) as captured in 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 a period of 120 days after the last dose of the study drug intervention or at the Final Visit, whichever occurs last. Exclusion Criteria: * Inpatient …