BOSTON, Mass. — Verastem Oncology (Nasdaq: VSTM) announced that Michael P. Bailey will become president and chief executive officer on January 1, 2027, succeeding Daniel Paterson, who is retiring after a 35-year career in the biopharmaceutical industry.
Bailey, who joined Verastem’s board of directors in May 2026, will continue serving on the board. Paterson will also remain a director and serve as an advisor to the company following his retirement.
The leadership transition comes as Verastem expands commercialization of its ovarian cancer treatment and advances its pipeline of therapies targeting cancers driven by the RAS/MAPK signaling pathway.
“In alignment with our long-term succession plan, we are pleased to appoint Mr. Bailey as CEO to lead Verastem through its next phase of commercial growth, clinical advancement, and operational execution,” said John Johnson, chairman of Verastem’s board of directors.
Bailey brings more than 30 years of biopharmaceutical industry experience, including more than 25 years in oncology drug development and commercialization.
He previously served as president and CEO of AVEO Pharmaceuticals, where he led the company’s turnaround, including the FDA approval and commercial launch of the kidney cancer treatment FOTIVDA in 2021. AVEO was acquired by LG Chem in 2023.
Before joining AVEO, Bailey served as senior vice president of business development and chief commercial officer at Synta Pharmaceuticals.
He also spent nine years at ImClone Systems, overseeing commercial planning and the launch of the cancer therapy ERBITUX across multiple oncology indications before the company’s acquisition by Eli Lilly in 2008.
Earlier in his career, Bailey worked at Genentech and SmithKline Beecham.
“It is a privilege to join Verastem at this exciting inflection point and lead the Company through the next chapter of value creation,” Bailey said. “With the commercialization of AVMAPKI FAKZYNJA CO-PACK and compelling preliminary multi-tumor clinical data for VS-7375, the Company is well positioned to advance its vision of becoming a multi-asset oncology company focused on bringing effective, well tolerated treatment options to patients with cancer.”
Paterson has spent 15 years at Verastem, including serving as CEO since 2023.
During his tenure, the company secured accelerated FDA approval and launched AVMAPKI FAKZYNJA CO-PACK, a combination of avutometinib and defactinib for KRAS-mutated recurrent low-grade serous ovarian cancer.
He also helped lead the acquisition and clinical development of VS-7375, an investigational oral KRAS G12D inhibitor currently being evaluated in Phase 2 studies across multiple tumor types.
Verastem expects to initiate a Phase 3 clinical trial of VS-7375 in first-line metastatic pancreatic cancer later this year.
“It has been an honor being part of the Verastem team since 2011 and serving as CEO since 2023. I am proud of how far we have come,” Paterson said. “The Company’s achievements reflect the extraordinary talent, passion, and dedication of the team and our shared commitment to making a meaningful difference for people living with cancers driven by the RAS/MAPK pathway.”
Johnson credited Paterson with guiding the company through major regulatory and commercial milestones while positioning its development pipeline for further growth.
Verastem said Bailey’s experience in oncology commercialization, clinical development, corporate strategy and business development will support the company’s next phase of expansion.
