Study of Verinurad in Heart Failure With Preserved Ejection Fraction

Inclusion Criteria: * Patient must be ≥ 40 years of age at the time of signing the ICF * Patients with hyperuricaemia defined as sUA level of \> 6 mg/dL. * Patients with documented diagnosis of symptomatic HFpEF according to all of the following criteria: 1. Have NYHA functional class II-III at enrolment 2. Have medical history of typical symptoms/signs of HF \> 6 weeks before enrolment 3. LVEF ≥ 45% 4. NT-proBNP ≥ 125 pg/mL (≥ 14.75 pmol/L) at Visit 1 for patients without ongoing atrial fibrillation/flutter. * Patients able to exercise to near exhaustion during a CPET as exhibited by RER ≥ 1.05 during CPET conducted during screening. If patient does not achieve RER ≥ 1.05 the CPET may be repeated once, at least 48 hours but less than 2 weeks (but before randomisation) after the initial test; in such cases the second test will serve as baseline. * Male or female Exclusion Criteria: * eGFR \< 30ml/min/1.73m2 (based on CKD-EPI formula) * Presence of any condition that precludes exercise testing * Known history of a documented LVEF \< 40% * Probable alternative or concomitant diagnoses which in the opinion of the Investigator could account for the patient's HF symptoms and signs (eg, anaemia, hypothyroidism) * Known carrier of the Human Leukocyte Antigen-B (HLA-B) \*58:01 allele: HLA-B \*58:01 genotyping is mandatory prior to randomization for all patients. * Patients diagnosed with tumor lysis syndrome or Lesch-Nyhan syndrome * Patients who are severely physically or mentally incapacitated and who in the opinion of investigator are unable to perform the patients' tasks associated with the protocol * Presence of any condition which, in the opinion of the investigator, places the patient at undue risk or potentially jeopardises the quality of the data to be generated * Current acute decompensated HF or hospitalisation due to decompensated HF \< 4 weeks prior to enrolment * Myocardial infarction, unstable angina, coronary revascularisation (percutaneous coronary intervention or coronary artery bypass grafting), ablation of atrial flutter/fibrillation, valve repair/replacement, implantation of a cardiac resynchronisation therapy device, stroke or transient ischemic attack within 6 months prior to enrolment. * Planned coronary revascularisation, ablation of atrial flutter/fibrillation and/or valve repair/replacement * Atrial fibrillation with persistent resting heart rate \> 110 beats per minute.