Michael Bailey has been appointed President and Chief Executive Officer of Verastem Oncology, effective January 1, 2027, succeeding Daniel Paterson, who will retire after more than 35 years in the biopharmaceutical industry.
The announcement, made on October 14, 2026, comes as the Boston-based biopharmaceutical company continues the commercialization of its approved ovarian cancer therapy and advances its clinical development programs targeting RAS/MAPK pathway-driven cancers.
Bailey, who joined Verastem’s Board of Directors in May 2026, will retain his position on the Board. Paterson will also remain a Board member and serve as an advisor to support the leadership transition.
Michael Bailey: Three Decades of Biopharmaceutical Leadership
Michael Bailey brings more than 30 years of experience in the biopharmaceutical industry, including over 25 years dedicated to oncology drug development and commercialization. His professional background spans corporate strategy, commercial operations, business development, clinical development, corporate finance, and capital markets.
Before joining Verastem’s Board, Bailey spent 16 years at AVEO Pharmaceuticals, an LG Chem company, serving as President and CEO from January 2015. He previously held the positions of Chief Business Officer and Chief Commercial Officer.
During his leadership, AVEO achieved the approval and commercial launch of FOTIVDA in 2021, followed by its acquisition by LG Chem in 2023.
Earlier in his career, Bailey served as Senior Vice President of Business Development and Chief Commercial Officer at Synta Pharmaceuticals. He also spent nine years at ImClone Systems, where he led commercial planning and the launch of ERBITUX (cetuximab) across multiple oncology indications.
His previous experience includes managing cardiovascular product development at Genentech and beginning his pharmaceutical industry career at SmithKline Beecham in 1992.
Daniel Paterson’s Legacy: From Drug Development to FDA Approval
Paterson joined Verastem in 2011 and became CEO in 2023. His leadership has been closely associated with the company’s progress in developing and commercializing therapies for cancers driven by alterations in the RAS/MAPK signaling pathway.
One of the company’s principal achievements during his tenure was the acquisition, development, and commercialization of AVMAPKI FAKZYNJA CO-PACK, combining avutometinib and defactinib.
On May 8, 2025, the U.S. Food and Drug Administration granted accelerated approval to the combination for adults with KRAS-mutated recurrent low-grade serous ovarian cancer who had received prior systemic therapy.
The treatment became the first FDA-approved therapy specifically indicated for this patient population.
Paterson also played a central role in the acquisition and clinical advancement of VS-7375, an investigational oral KRAS G12D inhibitor currently undergoing evaluation across several solid tumor types.
His retirement marks the conclusion of a 35-year career in biopharmaceuticals, while his continued involvement with Verastem will provide continuity during the company’s next stage of development.
Advancing KRAS-Targeted Cancer Therapies
The leadership transition comes at an important point in Verastem’s clinical development strategy.
The company is advancing VS-7375, an investigational oral inhibitor designed to target both the active (ON) and inactive (OFF) states of KRAS G12D.
The investigational agent is being evaluated through the TARGET-D clinical development program, which includes the Phase 1/2 TARGET-D 101 trial and three registration-directed Phase 2 studies:
- TARGET-D 201: Metastatic pancreatic ductal adenocarcinoma, including first-line treatment.
- TARGET-D 202: Advanced non-small cell lung cancer, including patients with asymptomatic brain metastases.
- TARGET-D 203: Metastatic colorectal cancer, including first-line treatment.
VS-7375 has received FDA Fast Track Designation for specified populations with KRAS G12D-mutated pancreatic ductal adenocarcinoma and non-small cell lung cancer.
Verastem also anticipates initiating a Phase 3 trial evaluating VS-7375 in first-line metastatic pancreatic cancer later in 2026.
Alongside its KRAS-targeted development program, the company continues to investigate avutometinib and defactinib in additional treatment settings, including the Phase 3 RAMP 301 confirmatory trial in recurrent low-grade serous ovarian cancer and the RAMP 205 study in advanced pancreatic cancer.
A New Chapter for Verastem Oncology
John Johnson, Chairman of Verastem’s Board of Directors, emphasized that Michael Bailey’s appointment follows the company’s long-term succession plan.
The Board highlighted Michael Bailey’s extensive oncology commercialization experience and familiarity with Verastem’s business as important qualifications for leading its next phase of commercial growth and clinical development.
Michael Bailey, in his statement following the appointment, expressed his commitment to building on the company’s existing achievements, particularly the commercialization of AVMAPKI FAKZYNJA CO-PACK and the clinical development of VS-7375.
Paterson welcomed his successor and expressed confidence in Bailey’s understanding of Verastem’s business, culture, and commitment to patients.
As Michael Bailey prepares to assume leadership in January 2027, Verastem’s immediate priorities remain the continued commercialization of its approved therapy, advancement of its KRAS G12D clinical development program, and expansion of its oncology pipeline.
The transition places Bailey at the head of a company seeking to strengthen its position in targeted oncology therapeutics while pursuing additional treatment options for patients with RAS/MAPK pathway-driven cancers.
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