This is a big approval for the company, given that Cobenfy doesn’t have the classic side effects seen in other antipsychotic drugs.

Bristol-Myers Squibb shares rose in premarket trade on Friday after the Food and Drug Administration approved a schizophrenia drug.

After decades of stagnation in the schizophrenia field, Bristol Myers Squibb’s $14 billion deal for Karuna Therapeutics has borne fruit with the approval of a promising new drug. | Bristol Myers Squibb’s $14 billion deal for Karuna Therapeutics has borne fruit with the approval of a promising new schizophrenia drug.

The twice-daily pill, Cobenfy, is a badly needed new treatment option for the nearly 3 million adults in the U.S. living with schizophrenia.

Given its better valuation, we believe that Bristol Myers Squibb stock (NYSE: BMY) is currently a better pick than its peer – AbbVie stock .

The U.S. FDA approved Bristol Myers Squibb's schizophrenia drug on Thursday, providing patients with a treatment option that reduces symptoms of the mental disorder without common side effects. Bristol Myers obtained the drug Cobenfy,

Bristol Myers Squibb Co. gained US approval for the first new type of schizophrenia drug in seven decades, opening a fresh avenue of treatment for millions with the serious mental disorder. The medication,

The U.S. Food and Drug Administration has approved a new drug for adults with schizophrenia, the FDA announced Thursday.