Verastem, Inc. has announced a leadership transition effective January 1, 2027. Daniel W. Paterson, the current President and Chief Executive Officer, will retire from his executive role but will remain on the Board of Directors as a Class III director, with his term expiring at the 2027 annual meeting of stockholders. Paterson will also serve as a consultant to the company beginning on or around the Effective Date.
In his place, Michael P. Bailey, 61, has been appointed as President and Chief Executive Officer. Bailey will also continue to serve as a Class II director, with his term expiring at the 2029 annual meeting of stockholders. The terms of Bailey’s compensation and employment arrangements as CEO will be disclosed in an amendment to the current report once finalized.
Bailey brings extensive experience in the biopharmaceutical industry. He most recently served as President and CEO of AVEO Pharmaceuticals, an LG Chem Ltd. company, from January 2015 to June 2026. Prior to that, he held roles as Chief Business Officer and Chief Commercial Officer at AVEO. Before AVEO, he was Senior Vice President of Business Development and Chief Commercial Officer at Synta Pharmaceuticals Corp. and spent nine years at ImClone Systems Incorporated, where he led the commercial planning and launch of ERBITUX across multiple oncology indications.
Separately, the company furnished preliminary unaudited financial results for the three months ended September 30, 2026. Net product revenue for the period is estimated to be between $23.9 million and $24.1 million, compared to $11.2 million for the same period in 2025. Cash, cash equivalents, and investments as of September 30, 2026, are estimated to be $172.8 million, compared to $137.7 million as of September 30, 2025.
