5‐Norbornene‐2‐ethyl ester (mixture of endo and exo) is polymerized via ring‐opening metathesis polymerization, yielding polymers with molecular weights ranging from 50,000 to 5,000,000 g/mol. The polymers are hydroxylated and saponified without alteration of the molecular weight. The polymers are analyzed by NMR, gel permeation chromatography, differential scanning calorimetry, and thermogravimetric analysis. Films are cast from the polymers at several molecular weights and their rheological properties are investigated. The results showed greater solid‐like character with increasing molecular weight for all polymers analyzed. Cell viability studies showed that the films possessed minimal cytotoxicity. © 2012 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem, 2012