Verastem Oncology Announces Planned Chief Executive Officer Transition and Succession Plan

John Johnson, Chairman of the Board of Directors at Verastem Oncology

“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. With more than 30 years of biopharma industry experience including 25+ years of oncology drug development and commercialization experience, he brings a breadth of expertise to lead the Company forward. His time on our Board has also given him a firm understanding of the Company’s vision and priorities, and the Board is confident he will quickly transition into his new responsibilities”

John Johnson, Chairman of the Board of Directors at Verastem Oncology

“On behalf of the Board, I want to thank Dan for his important contributions throughout his time at Verastem. Under his leadership, the Company achieved accelerated FDA approval and commercial launch of AVMAPKI FAKZYNJA CO-PACK, while advancing VS-7375 into the clinic and rapidly towards a Phase 3 trial in metastatic pancreatic cancer in the first-line setting, which is expected to begin later this year. He has positioned Verastem to enter a new chapter that we believe will deliver a potential best-in-class treatment for patients with KRAS G12D-driven tumors. We are fortunate that Dan will continue to serve on our Board and as an advisor, providing valuable insight as we move forward.”

Dan Paterson, President and Chief Executive Officer of Verastem Oncology

“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. 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”

Dan Paterson, President and Chief Executive Officer of Verastem Oncology

“I welcome Michael to the team. In addition to his extensive biopharmaceutical leadership experience, he has a strong foundation and understanding of Verastem’s business and culture. Importantly, he shares the Company’s values and commitment to patients, and I look forward to working with him to support a seamless transition.”

Michael P. Bailey, Incoming President and Chief Executive Officer of Verastem Oncology

“It is a privilege to join Verastem at this exciting inflection point and lead the Company through the next chapter of value creation. 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”

Michael P. Bailey, Incoming President and Chief Executive Officer of Verastem Oncology

“I look forward to working with Dan, the Board, and colleagues across the organization to build on this momentum and foster an inspiring, high-performing, patient-focused culture.”