Inclusion Criteria:  Moderate to severe OA pain (corresponding to NRS Pain ≥5 to ≤9) in the target knee for the majority of days in the last 3 months prior to Screening KOOS pain subscale <60 for the target knee at Screening 1 and at Day 1 High sensitivity C-reactive Protein (hsCRP) ≥2 mg/L Radiographic KL grade 2 or 3 knee OA and joint space width (JSW) 2-4 mm (men) or 1.5-3.5 mm (women) in the medial tibiofemoral compartment (TFC) in the target knee Contrast-enhanced MRI (CE-MRI) diagnosed moderate or severe knee synovitis based on an established synovititis scoring system (moderate score 9-12 or severe score ≥13)  Exclusion Criteria:  History of, or planned; knee replacement (partial or total) in either knee; arthroscopy or lavage of the target knee within 6 months prior to screening; any other previous surgical intervention in the target knee, including mosaicplasty, microfracture, meniscectomy >50% or osteotomy Moderate to severe pain in the contralateral knee for the majority of days in the last 3 months prior to screening Malalignment >7.5° in the target knee (either varus or valgus) Any diagnosis of inflammatory arthritis or connective tissue disease (e.g. rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, gout, Paget's disease, systemic lupus erythematosus) or other systemic condition that might confound assessment of OA Ipsilateral hip OA or hip prosthesis recently implanted (within 1 year prior to screening) or hip replacement on either side planned within the study period