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.

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,

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.