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.

Cobenfy was approved to reduce the psychotic symptoms associated with schizophrenia. It is a new type of medicine that works by stimulating a pair of muscarinic receptors in the brain, that, in turn, control the release of a brain chemical called acetylcholine.