Verastem Oncology (Nasdaq: VSTM) announced that Michael P. Bailey has been appointed President and Chief Executive Officer, effective January 1, 2027. Bailey will also continue to serve on the company's Board of Directors, a position he has held since May 2026.

The appointment follows the planned retirement of Daniel Paterson, who has served as President and CEO since 2023 and with the company since 2011. Paterson will remain on the Board of Directors and serve as an advisor following his departure.

Bailey brings more than 30 years of biopharmaceutical experience, including roles focused on oncology drug development and commercialization. He previously served as President and CEO of AVEO Pharmaceuticals, a subsidiary of LG Chem, Ltd., where he led the company through the 2021 approval and launch of FOTIVDA and its subsequent acquisition by LG Chem in 2023. Earlier in his career, he held senior roles at Synta Pharmaceuticals, ImClone Systems, Genentech, and SmithKline Beecham.

Board Chairman John Johnson attributed the transition to the company's long-term succession plan. "His time on our Board has also given him a firm understanding of the Company's vision and priorities," Johnson said in a statement.

During Paterson's tenure, Verastem received accelerated FDA approval in May 2025 for AVMAPKI FAKZYNJA CO-PACK, a combination therapy for adults with KRAS-mutated recurrent low-grade serous ovarian cancer who have received prior systemic therapy. The company also advanced VS-7375, an investigational oral KRAS G12D inhibitor, into Phase 2 clinical trials across multiple tumor types. A Phase 3 trial in metastatic pancreatic cancer is expected to begin later in 2026, according to the company's statement.

VS-7375 has received FDA Fast Track Designation for KRAS G12D-mutated locally advanced or metastatic pancreatic ductal adenocarcinoma and for previously treated KRAS G12D-mutated non-small cell lung cancer.