A Study to Determine the Capacity of VAK694 When Combined With Allergen Immunotherapy to Bring About Specific Immune Tolerance

Inclusion Criteria: * History of atopy, defined as a history of seasonal allergic rhinitis for at least 2 years (in relation to the grass pollen allergy season), and evidence of atopy, defined as a positive skin prick test (wheal difference allergen - negative control at least 3 mm) to grass pollen allergen at screening. * Male or female subjects aged between 18 and 60 years (inclusive) * Female subjects must be of non-childbearing potential * Subjects must weigh at least 50 kg with a body mass index (BMI) within the range of 18 to 32 kg/m2 (inclusive) * Informed consent Exclusion Criteria: * Treatment with intranasal corticosteroids within 28 days prior to the first dose. * History of asthma with treatment with inhaled or systemic corticosteroids within 6 months of the first dose. * History of COPD. * Any exposure to human monoclonal or polyclonal antibodies. * Any allergy immunotherapy within 3 years prior to screening. * Any prior grass pollen allergy immunotherapy. * FEV1 \< 70% of predicted at screening or baseline. Other protocol-defined inclusion/exclusion criteria may apply