Borealis Biosciences, a next-generation RNA medicines company, announced $150 million in combined Series A financing from founding investor Versant Ventures and Novartis AG, as well as committed strategic research collaboration funding from Novartis.
Borealis builds on the success of Chinook Therapeutics, a kidney disease company that was founded by Versant in 2019 and acquired by Novartis last year for up to $3.5 billion.
As part of this agreement, Novartis will have the option to acquire two future development-ready programs from Borealis, with Borealis eligible for up to $750 million in total consideration, including clinical and regulatory milestones.
Stikeman Elliott acted as counsel to Versant Ventures & Borealis Biosciences with a team that included Jeremy Sculnick, Joshua Laxer (M&A), Cheryl Rea (Employment), Philippe Kattan (Tax), Mark Firman (Benefits), Frank Bozzo (Real Estate).
Wilson Sonsini Goodrich & Rosati PC acted as US counsel for Borealis Biosciences and Covington acted as legal counsel for Novartis.