This filing relates to the Common Stock, par value $0.006 per share (“Common Stock”), of Marina Biotech, Inc. (f/k/a/ MDRNA, Inc., the “Issuer”), with principal executive offices at 3830 Monte Villa Parkway, Bothell, Washington, 98021.

a)   Name:

Novartis Bioventures Ltd.

Novartis AG

Novartis Bioventures Ltd. and Novartis AG are hereinafter sometimes collectively referred to as the “Reporting Persons.”

(b)   Business Address:

Novartis Bioventures Ltd.

131 Front Street

Hamilton HM 12   Bermuda

Mail: PO Box HM 2899

Hamilton HM LX Bermuda

Novartis AG

Lichtstrasse 35,

4002, Basel, Switzerland

(c)   Principal Business and State of Incorporation:

Novartis Bioventures Ltd. (“Novartis Bioventures”) is a corporation organized under the laws of Bermuda and is an indirect wholly-owned subsidiary of Novartis AG. Novartis Bioventures is a venture capital fund whose objective is to generate long-term capital gains for both entrepreneurs and investors. Novartis Bioventures’s principal business is investing in product- and platform-focused biotech, pharmaceutical and healthcare companies at all stages.

Novartis AG (“Novartis”) is a corporation organized under the laws of Switzerland and is the publicly owned parent of a multinational group of companies specializing in the research, development, manufacture, sale and distribution of innovative healthcare products. Novartis is the 100% indirect owner of Novartis Bioventures.  Novartis provides healthcare solutions that address the evolving needs of patients and societies. Focused solely on healthcare, Novartis offers a diversified portfolio to best meet these needs: innovative medicines, cost-saving generic pharmaceuticals, preventive vaccines, diagnostic tools and consumer health products.

(d)   Conviction in a Criminal Proceeding:

Each of the Reporting Persons has not, during the past five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e)   Conviction in a Civil Proceeding:

Each of the Reporting Persons has not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding been subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

The Reporting Persons acquired their interest in the securities described in Item 5 of this filing in connection with the consummation of the merger (the “Merger”) pursuant to the Agreement and Plan of Merger, dated as of March 31, 2010, by and among the Issuer, Cequent Pharmaceuticals, Inc. (“Cequent”), Calais Acquisition Corp. and Ampersand 2006 Limited Partnership, as representative of the stockholders of Cequent (the “Merger Agreement”).  On July 21, 2010, the Issuer consummated the Merger pursuant to the terms and conditions of the Merger Agreement. In connection with the Merger, the Issuer issued an aggregate of 9,882,853 shares of Common Stock to the stockholders of Cequent in exchange for all of the shares of Cequent common and preferred stock that were issued and outstanding immediately prior to the Merger.  In connection with the Merger, the Reporting Persons received 2,899,070 shares of Common Stock based on the Reporting Persons’ ownership of Series A-1 preferred stock of Cequent at the time of the Merger.  The Reporting Persons originally funded the acquisitions of Cequent’s preferred stock with working capital and funds available for investment.

The Reporting Persons have acquired securities of the Issuer for investment purposes. The Reporting Persons intend to review from time to time their investment in the Issuer and, depending on such review, may consider from time to time various alternative courses of action. In addition, depending on prevailing conditions from time to time, including, without limitation, price and availability of shares, future evaluations by the Reporting Persons of the business and prospects of the Issuer, regulatory requirements, other investment opportunities available to the Reporting Persons and general stock market and economic conditions, the Reporting Persons may determine to sell all or part of their investment in the Issuer through open-market purchases, privately negotiated transactions, a tender or exchange offer or otherwise.  In addition, as described in Item 6, Novartis Bioventures intends to enter into separate Transfer and Sale Agreements with seven former employees of Cequent, the Issuer and certain other former stockholders of Cequent whereby an aggregate of 5%, or 144,952 shares, of the 2,899,070 shares of Common Stock that the Reporting Persons received as merger consideration will be transferred to the former employees of Cequent in several installments during 2011.

On July 21, 2010, in connection with the consummation of the Merger, the Issuer entered into a Stockholders’ Agreement the (“Stockholders’ Agreement”) with certain of the principal stockholders of Cequent, pursuant to which Ampersand 2006 Limited Partnership, A.M. Pappas Life Science Ventures III, LP, PVIII CEO Fund, LP and Novartis Bioventures (each, a “Designator”) have the right to designate a total of three (3) members of the Board of Directors of the Issuer (the “Board of Directors”) during the period beginning at the effective time of the Merger and ending immediately prior to the Issuer’s 2011 Annual Meeting of Stockholders. During that period of time the Issuer agreed to maintain a Board of Directors consisting of no more than seven (7) individuals.

Under the Stockholders’ Agreement, the Designators have the right to submit to the Issuer’s Nominating and Corporate Governance Committee (the “Nominating Committee”) for consideration as a director the names of three (3) director nominees, and if the Nominating Committee deems, in the exercise of its reasonable good faith discretion, the director nominees qualified, the Nominating Committee shall appoint the director nominees to serve as directors of the Issuer until the 2011 Annual Meeting of Stockholders. The Issuer shall fill any vacancies that may arise upon the resignation, removal, death or disability of any such director with a new director designated in accordance with the Stockholders’ Agreement, provided that the Designator who designated such director continues to own at least twenty-five percent (25%) of the shares of Common Stock issued to it in connection with the Merger described in Item 3. The initial director nominees of the Designators are Peter D. Parker, Michael D. Taylor, Ph.D. and Chiang J. Li, M.D., each of whom was appointed to serve as a director of the Issuer beginning on July 21, 2010.

(a)   Aggregate number and percentage of class beneficially owned:

Each of the Reporting Persons incorporates herein by reference its responses to (11) and (13) on the cover page of this Schedule 13D.

Percent of class:

Novartis Bioventures — 4.45%

Novartis — 4.45%

Percentage calculated based on 25,393,685 shares of Common Stock outstanding on November 5, 2010, as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed on November 15, 2010.

(b)   Number of shares as to which such person has:

(i)  Sole power to vote or direct the vote:

Novartis Bioventures, and Novartis each have sole voting power over 1,129,010 shares.

(ii) Shared power to vote or direct the vote:

Novartis Bioventures and Novartis each share voting power over 0 shares.

(iii) Sole power to dispose or to direct the disposition of:

Novartis Bioventures and Novartis each have sole power to dispose or to direct the disposition of 1,129,010 shares.

(iv) Shared power to dispose or to direct the disposition of:

of all of the shares of Common Stock issued to such stockholders as a result of the Merger (the “Registrable Shares”) no later than forty-five (45) calendar days from the closing date of the Merger and (ii) to cause such shelf registration statement to be declared effective within ninety (90) calendar days of the closing date of the Merger. Such registration statement included twenty percent (20%) of the aggregate fully diluted shares of Common Stock. On the earlier of (i) five (5) business days following the effective date of such registration statement, and (ii) five (5) months following the closing of the Merger, the Issuer was required to file additional registration statements under and pursuant to the Registration Rights Agreement to register the remaining Registrable Shares.

The Issuer also granted to the stockholders of Cequent certain demand registration rights, which may only be exercised (i) in the event that the Issuer has not filed, and caused to be effective and maintained the effectiveness of a shelf registration statement relating to the Registrable Shares, and (ii) if (based on the then-current market prices) the number of Registrable Shares included in such demand registration would, if fully sold, reasonably be expected to yield gross proceeds of at least $5 million.

In addition, and subject to certain exceptions, the Registration Rights Agreement provides that whenever the Issuer proposes (i) to register any shares of Common Stock under the Securities Act for sale to the public solely for cash, and the form of registration statement to be used may be used for any registration of Registrable Shares or (ii) to sell any shares of Common Stock that have already been registered “off the shelf” by means of a prospectus supplement, the Issuer shall give prompt written notice to the Cequent stockholders that are signatory to the Registration Rights Agreement of the Issuer’s intention to effect such a registration and/or shelf takedown and shall include in such registration statement and in any offering of Common Stock to be made pursuant to that registration statement and/or shelf takedown all Registrable Shares with respect to which the Issuer has received a written request for inclusion therein within twenty (20) days after such stockholder’s receipt of notice from the Issuer.

Pursuant to the Letter Agreement, the funds affiliated with Great Point Partners, LLC negotiated to have the resale shelf registration statement obligation set forth in Section 4 of the Registration Rights Agreement discharged by means of filing two resale shelf registration statements, as follows: the first resale shelf registration statement was limited to 20% of the Issuer’s outstanding Common Stock.  Under the terms of the Letter Agreement all of merger consideration shares received by the funds affiliated with Great Point Partners, LLC were included in the first resale shelf registration statement.  Upon the earlier of five month from the closing of the Merger or five business days after the first resale shelf registration statement is declared effective, the Issuer was required to file a second resale shelf registration statement covering the remaining shares of merger consideration.  Under this arrangement Novartis Bioventures had 1,395,288 of its shares of Common Stock covered by the first resale shelf registration statement that was filed with the SEC on September 7, 2010 and 1,358,830 shares covered in the second resale shelf registration statement that was filed with the SEC on October 12, 2010.

Lock-Up Agreement

As required by the Merger Agreement certain principal stockholders of Cequent, including Novartis Bioventures, and certain members of Cequent’s management entered into Lock-Up Agreements (the “Cequent Lock-Up Agreements”) pursuant to which they agreed not to, without the prior approval of the Issuer, offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock received in the Merger during the period commencing on the effective date of the Merger and ending on the earlier of (A) one hundred and eighty (180) days after the effective date of the Merger or (B) thirty (30) days following the closing of an equity financing by the Issuer for the issuance of shares of equity or securities convertible into or exchangeable or exercisable for shares of equity of the Issuer (an “Equity Financing”) which, when added together to all other Equity Financings from and after the date of execution of the Merger Agreement, results in aggregate gross proceeds to the Issuer of at least $10 million. Prior to the execution of the Merger Agreement, the directors and executive officers of the Issuer entered into Lock-Up Agreements (the “MDRNA Lock-Up Agreements”) providing for similar restrictions on sales and other dispositions of Common Stock commencing upon the signing of the Merger Agreement.  The Cequent Lock-Up Agreements expired upon their terms on January 17, 2011.

Letter Agreement

On July 21, 2010, Novartis Bioventures and certain other former stockholders of Cequent entered into a letter agreement with funds affiliated with Great Point Partners, LLC, and the Issuer which provided for the modifications to the provisions of the Escrow Agreement and the Registration Rights Agreement, as described above (the “Letter Agreement”).

Transfer and Sale Agreements

Novartis Bioventures intends to enter into separate Transfer and Sale Agreements with seven former employees of Cequent, the Issuer, and certain other former stockholders of Cequent whereby an aggregate of 5%, or 144,952 shares, of the 2,899,070 shares that the Reporting Persons received as merger consideration will be transferred to the former employees of Cequent in several installments during 2011.

Incorporation by Reference

The descriptions of the Merger Agreement, the Cequent Lock-Up Agreements, the Escrow Agreement, the Stockholders’ Agreement, and the Registration Rights Agreement are qualified in their entirety by reference to the instruments filed as exhibits to this filing, which are incorporated by reference into this Item 6.

The following agreements are included as exhibits to this filing: