Novartis and Versant Ventures have launched Borealis Biosciences with a substantial $150 million Series A funding. The new biotech firm aims to develop next-generation xRNA-based medicines targeting kidney diseases. This venture marks a significant milestone in renal medicine and showcases an innovative deal structure in the pharmaceutical industry.
Novartis, a global pharmaceutical giant, and Versant Ventures, a leading biotech investment firm, have jointly established Borealis Biosciences. The company’s primary focus will be on advancing xRNA-based therapies designed to modulate protein production linked to kidney diseases by targeting the body’s natural mRNA.
Another Versant investment, Borealis runs a 23,000-square-foot research facility near Vancouver. This facility has state-of-the-art wet labs, vivarium space, and analytical and chemical capabilities, guaranteeing a strong foundation to support Borealis’s ambitious R&D objectives.
Versant Ventures managing director Jerel Davis commented: “Together with Novartis, we look forward to advancing this emerging field of innovation for patients.”
Novartis’s chief strategy and growth officer, Ronny Gal, stated: “Accelerating science is our north star at Novartis. The creation of Borealis as an independent company following Chinook represents a creative approach to deal-structuring as a means to further innovative scientific discovery. This three-part transaction of divestment, collaboration, and investment is a testament to our company’s unwavering focus on advancing renal science.”
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