Epistle to the Philippians is an important source for the study of early Christianity. The Orthodox Saints site has this biography of the bishop:
".... St Irenaeus of Lyons, his disciple, says that St Polycarp was 'a disciple of the Apostles and acquainted with those who had seen the Lord.' His parents died as martyrs, and he was given into the care of a devout lady named Callista. As a child, the Saint was so eager to follow the commandments of Christ that he repeatedly emptied his foster-mother's pantry to feed the poor. Since her supplies were always miraculously renewed, Callista changed his name from Pancratius to Polykarpos, meaning 'Much fruit.'
"When grown, Polycarp became a disciple of St John the Theologian, and in time became Bishop of Smyrna; it is told that the messages to the Church at Smyrna in the Book of Revelation are addressed to St Polycarp and his flock. He knew St Ignatius of Antioch personally, and some of their correspondence is preserved.
"Polycarp led his Church in holiness for more than fifty years, and became known throughout the Christian world as a true shepherd and standard-bearer of the Faith. About the year 154 he traveled to Rome and consulted with Pope Anacletus on the defense of the Faith.
"Not long after he returned to Smyrna, a fierce persecution was unleashed against Christians in Asia Minor; along with many others, St Polycarp was arrested, having predicted his imminent martyrdom. (The account of his martyrdom that follows is based on eyewitness accounts gathered immediately after his death.)
"On the evening of Holy Friday, soldiers burst into the farmhouse where he was staying. The Bishop welcomed them cheerfully, and ordered that a meal be prepared for them. He was granted some time to pray, and for two hours stood commemorating everyone that he had known and praying for the Church throughout the world. His captors sorrowed that they had come to take such a venerable man, and reluctantly took him to the Proconsul. When urged to deny Christ and save his life, the aged Saint replied, 'For eighty-six years I have been his servant, and he has wronged me in nothing; how can I blaspheme my King and Savior?' Told that he would die by fire if he did not apostatize, Polycarp replied 'You threaten me with a fire that burns for a short time and then goes out, while you know nothing of the fire of the judgment to come and of the everlasting torment awaiting the wicked. Why wait any longer? Do what you will!'
"Placed on the pyre, Polycarp lifted his eyes heavenward and gave thanks to God for finding him worthy to share with the holy Martyrs of the cup of Christ. When he had said his Amen, the executioners lit the fire. The eyewitnesses write that the fire sprang up around him like a curtain, and that he stood in its midst glowing like gold and sending forth a delightful scent of incense. Seeing that the fire was not harming him, the executioners stabbed him with a sword. His blood flowed so copiously that it put out the fire, and he gave back his soul to God. His relics were burned by the persecutors, but Christians rescued a few fragments of bone, which were venerated for many generations on the anniversary of his repose."