Verastem rises on promising cancer drug data; Bailey succeeds Paterson as CEO
BUZZ-Verastem rises on promising cancer drug data; Bailey succeeds Paterson as CEO ** Shares of cancer drugmaker Verastem VSTM.O rise 15.3% to $8.6 premarket
** Company says its experimental drug VS-7375 shrank tumors across several advanced pancreatic and colorectal cancers in an early-to-mid-stage trial
** Following discussions with the FDA, VSTM plans to start late-stage pancreatic cancer trial by the end of 2026
** Separately, it announces Daniel Paterson will retire as CEO and president after 15 years with VSTM; Michael P. Bailey to succeed him
** VSTM raises Q3 net product revenue forecast to $23.9 mln-$24.1 mln, up from $11.2 mln a year earlier — SEC filing
** Prices $250 mln public offering of 30.94 mln common shares at $8 per share; offer price represents a 7.4% premium to stock's last close of $7.45
** All 10 brokerages rate the stock "buy" or higher; median PT is $14
** As of last close, stock down 3.5% YTD
(Reporting by Anand Gopal in Bengaluru)