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,

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

Shares in Bristol-Myers Squibb (BMY) surged Friday, after the Food and Drug Administration approved the drugmaker's novel treatment for schizophrenia. Bristol-Myers shares stood about 6% higher in recent premarket trading,