Verastem Oncology Appoints Michael P. Bailey as CEO, Effective January 1, 2027
Verastem Oncology Names Michael P. Bailey as President and Chief Executive Officer, Succeeding Daniel Paterson, Who Plans to Retire
Verastem Oncology has appointed Michael P. Bailey as President and Chief Executive Officer, effective January 1, 2027. Bailey, who has served on the company’s Board of Directors since May 2026, will succeed Daniel Paterson, who plans to retire after a 35-year career in the biopharmaceutical industry. Paterson will remain on the board and serve as an advisor following his departure from the CEO role.
Paterson has been associated with Verastem for 15 years and has served as CEO since 2023. During his tenure, he led the company’s acquisition and commercialisation of AVMAPKI FAKZYNJA CO-PACK, which received US Food and Drug Administration (FDA) approval on May 8, 2025, for treating adults with KRAS-mutated recurrent low-grade serous ovarian cancer who have received prior systemic therapy.
He also oversaw the development of VS-7375, an investigational oral KRAS G12D inhibitor that is currently undergoing Phase 2 clinical trials.
Bailey brings more than 30 years of experience in the biopharmaceutical industry, including over 25 years focused on oncology drug development and commercialisation. He previously served as President and CEO of AVEO Pharmaceuticals for nine years, beginning in January 2015. During his tenure, he led the approval and launch of FOTIVDA in 2021 and the subsequent acquisition of AVEO by LG Chem, Ltd. in 2023.
Earlier in his career, Bailey held positions at Synta Pharmaceuticals Corp. and spent nine years at ImClone Systems Inc., where he led commercial planning and the launch of ERBITUX across multiple oncology indications.
His appointment brings extensive oncology and pharmaceutical leadership experience to Verastem as the company continues to advance its treatment portfolio