A Randomized, Double-blind Controlled Study Comparing LCZ696 to Medical Therapy for Comorbidities in HFpEF Patients

Inclusion Criteria: * Left ventricular ejection fraction (LVEF) \>40% by echo within 6 months prior to study entry or during the screening epoch * Symptom(s) of heart failure (HF) requiring treatment with diuretics (including loop, or thiazide diuretics, or mineralocorticoid antagonist \[MRAs\]) for at least 30 days prior to study entry * NYHA class II-IV * Structural heart disease (left atrial enlargement or left ventricular hypertrophy) documented by echocardiogram. * NT-proBNP \> 220 pg/mL for patients with no atrial fibrillation/atrial flutter (AF) or \>600 pg/mL for patients with AF * KCCQ clinical summary score \< 75 * Patients on ACEi or ARB therapy must have a history of HTN Exclusion Criteria: * Any prior measurement of LVEF ≤ 40%, under stable conditions * Acute coronary syndrome (including MI), cardiac surgery, other major CV surgery within 3 months , or urgent percutaneous coronary intervention (PCI) within 3 months or an elective PCI within 30 days prior to study entry * Any clinical event within the 6 months prior to Visit 1 that could have reduced the LVEF (eg MI, coronary artery bypass graft \[CABG\]), unless an echo measurement was performed after the event confirming the LVEF to be \>40% * Current (within 30 days from Visit 1) acute decompensated HF requiring therapy. * Current (within 30 days from Visit 1) use of renin inhibitor(s), dual RAS blockade or LCZ696 * History of hypersensitivity to LCZ696 or its components * Patients with a known history of angioedema * Walk distance primarily limited by non-cardiac comorbid conditions at study entry * Alternative reason for shortness of breath such as: significant pulmonary disease or severe COPD, hemoglobin (Hgb) \<10 g/dL males and \< 9.5 g/dL females, or body mass index (BMI) \> 40 kg/m\^2. * Systolic blood pressure (SBP) ≥ 180 mmHg at study entry, or SBP \>150 mmHg and \<180 mmHg at study entry unless the patient is receiving 3 or more antihypertensive drugs, or SBP \< 110 mmHg at study entry. * Patients with HbA1c \> 7.5% not treated for diabetes * Patients with prior major organ transplant or intent to transplant (ie on transplant list) * eGFR \< 30 ml/min/1.73 m\^2 as measured by MDRD at screening * Serum potassium \> 5.2 mmol /L (or equivalent plasma potassium value) at study entry * History or presence of any other disease with a life expectancy of \< 3 years * Pregnant or nursing women or women of child-bearing potential unless they are using highly effective methods of contraception Other protocol-defined inclusion/exclusion criteria may apply.