Developed by Karuna Therapeutics, which was subsequently acquired by Bristol Myers Squibb, the drug works in an entirely different way from existing medications for schizophrenia, which is building excitement and enthusiasm among doctors and patients alike.

This drug takes the first new approach to schizophrenia treatment in decades," Farchione continued. "This approval offers a new alternative to the antipsychotic medications peo

The US Food and Drug Administration has granted approval to Bristol-Myers Squibb’s drug Cobenfy® (xanomeline and trospium chloride) for treating schizophrenia in adults.<br /><br />

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 first new kind of treatment for schizophrenia patients in decades is arriving. The U.S. Food and Drug Administration approved the drug on Thursday, greenlighting the first of a new class of treatments that could help stabilize patients’ symptoms without the uncomfortable side effects that accompany existing antipsychotics.

The medication is the first in decades to have a different mode of action than do current drugs, achieving better symptom relief with fewer side effects.

Bristol Myers Squibb's drug, KarXT, improved symptoms of adults with schizophrenia and had fewer side effects than antipsychotic treatments

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,