It’s not an easy environment for health-care investors, with the sector front and center of political debates, but a bigger concern might be stemming from a key regulator: the U.S. Food and Drug Administration.

Versant Ventures announced the acquisition of portfolio company BlueRock Therapeutics by Bayer AG for up to $1 billion in total value. For the firm, it represents another in a series of significant transactions by Versant-created companies founded on globally sourced cutting-edge science. A common aspiration of each Versant start-up is to pioneer a new generation of important medicines. Other recent examples include Century, Therachon, Black Diamond, Jecure, Inception 5, Crispr and Quanticel.

The anti-bacterial gel, which can be targeted to attack specific forms of bacteria, holds promise for numerous beneficial applications in medicine and environmental protection.

People with chronic diseases like arthritis, diabetes and heart disease may one day forego the daily regimen of pills and, instead, receive a scheduled dosage of medication through a grape-sized implant that is remotely controlled.