BOSTON — Verastem Oncology has appointed Michael P. Bailey to its board of directors, adding a veteran biopharmaceutical executive with experience in oncology drug development and commercialization.
The company also said Robert Gagnon stepped down from the board after his term ended May 21, 2026.
Verastem, a biopharmaceutical company focused on new medicines for patients with RAS/MAPK pathway-driven cancers, said Bailey brings more than three decades of experience leading pharmaceutical and biotechnology companies.
“We are excited to have Michael join our Board as he brings more than three decades of experience leading global pharmaceutical and biotechnology companies, with a proven track record of taking oncology medicines from clinical development through successful commercialization, including landmark therapies like ERBITUX®,” said Daniel Paterson, president and chief executive officer of Verastem Oncology. “We look forward to drawing on the insight and expertise Michael brings as we enter the next phase of growth for AVMAPKI® FAKZYNJA® CO-PACK and advance the development of VS-7375, our potential best-in-class oral KRAS G12D (ON/OFF) inhibitor.”
Bailey currently serves as president and CEO of AVEO Pharmaceuticals Inc., an LG Chem Ltd. company, and has served on AVEO’s board since January 2015. He previously held chief business officer and chief commercial officer roles at AVEO and led the company’s acquisition by LG Chem in 2023.
Before AVEO, Bailey was senior vice president of business development and chief commercial officer at Synta Pharmaceuticals Corp. Earlier, he spent nine years at ImClone Systems Inc., where he led commercial planning and the launch of ERBITUX, also known as cetuximab, across multiple oncology indications. He also led new product planning for CYRAMZA and PORTRAZZA and rose to senior vice president of commercial operations.
Bailey previously managed the cardiovascular new products development portfolio at Genentech and began his career in SmithKline Beecham’s executive marketing development program.
“Michael is an accomplished biopharmaceutical executive with deep expertise across the full product lifecycle. Michael’s perspective will be an asset to our Board as Verastem advances its innovative pipeline and builds on its commercial success,” said John Johnson, chairman of Verastem’s Board of Directors. “We’d also like to thank Robert for his dedicated service and the contributions he made during his tenure.”
Bailey said he was joining Verastem at a pivotal time.
“I am honored to join Verastem’s Board of Directors at such a pivotal time for the company. Verastem has built a strong business for an underserved rare cancer patient population, and with VS-7375, the company has the potential to make a significant difference in the lives of patients living with KRAS G12D-mutated cancers where there are currently no approved therapies. I look forward to supporting the team and contributing to the company’s continued growth.”
Bailey received a bachelor’s degree in psychology from St. Lawrence University and an M.B.A. in international marketing from the University of Notre Dame’s Mendoza College of Business. He also completed executive education in finance at Harvard Business School and board leadership at the Wharton School of Business.
