Key Takeaways Bristol Myers Squibb's drug to treat schizophrenia was approved for use by the Food and Drug Administration.The pharmaceutical firm called Cobenfy the first new treatment for the illness in decades.

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 U.S. Food and Drug Administration (FDA) on Thursday approved Bristol Myers Squibb’s (BMY) highly anticipated schizophrenia drug, Cobenfy. It’s the first novel treatment for the debilitating mental disorder in over seven decades.