Verastem Oncology Names Michael Bailey CEO; Prices $250 Million Offering -- Shares Rise Pre-Bell

06:41 AM EDT, 10/14/2026 (MT Newswires) -- Verastem Oncology (VSTM) has appointed Michael Bailey as chief executive officer, effective Jan. 1, the company said Wednesday. He succeeds Daniel Paterson, who will remain on the company's board and serve as an advisor, Verastem Oncology said. Bailey joined Verastem's board in May and previously served as CEO of AVEO Pharmaceuticals, the company said. Separately, Verastem priced an underwritten offering of 30.9 million shares at $8 each and pre-funded warrants to purchase up to 312,503 shares at $7.9999 each for expected gross proceeds of about $250 million. The offering is expected to close on or about Thursday, subject to customary conditions. Net proceeds will be used to fund clinical development of its product candidates, including the VS-7375 program, working capital, and general corporate purposes, the company said. Verastem Oncology shares were 12% higher in Wednesday premarket activity.