Inclusion Criteria:

• Male and female adults aged ≥ 40 years, who have signed an Informed Consent Form prior to initiation of any study-related procedure

• Co-operative outpatients with a diagnosis of COPD (moderate to severe as classified by the GOLD Guidelines, 2006) and:

  • Smoking history of at least 20 pack years
  • Post-bronchodilator Forced expriratory volume in 1 second FEV1 < 80% and ≥ 30% of the predicted normal value.
  • Post-bronchodilator FEV1/forced vital capacity (FVC )< 70%

Exclusion Criteria:

• Pregnant or nursing (lactating) women,
• Women of child-bearing potential,
• Patients who have been hospitalized for a COPD exacerbation in the 6 weeks prior to Visit 2 or during the run-in period
• Patients requiring oxygen therapy or who experience oxygen desaturation to <80% during cycle exercise on room air
• Patients with a Wmax value < 20 W (as determined by the incremental cycle endurance test) at Visit 2
• Patients who have had a respiratory tract infection within 6 weeks prior to Visit 2.
• Patients with contra-indications of cardiopulmonary exercise testing
• Patients with concomitant pulmonary disease,
• Patients with a history (up to and including Visit 2) of asthma
• Patients with diabetes Type I or uncontrolled diabetes Type II
• Any patient with lung cancer or a history of lung cancer
• Any patient with active cancer or a history of cancer with less than 5 years disease free survival time
• Patients with a history of long QT syndrome or whose QTc interval (Bazett's) measured at Visit 1 or randomization is prolonged
• Patients who have been vaccinated with live attenuated vaccines within 30 days prior to screening or during the run-in period
• Patients unable to successfully use a dry powder inhaler device, Metered dose inhaler (MDI)or perform spirometry measurements
• Other protocol-defined inclusion/exclusion criteria may apply