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

The U.S. Food and Drug Administration approved Bristol Myers Squibb's schizophrenia drug late on Thursday, making it the first new type of antipsychotic medicine in decades. The labeling information of the treatment,

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