04:28 AM EDT, 09/27/2024 (MT Newswires) -- Bristol-Myers Squibb Company ( BMY ) said Thursday the US Food and Drug Administration has approved its oral medication Cobenfy for the treatment of schizophrenia in adults.

The drug, also known as xanomeline and trospium chloride, was approved based on phase 3 clinical trials during which it met its primary endpoint of statistically significant reductions of schizophrenia symptoms compared to a placebo.

Shares of the company rose more than 6% in recent premarket activity Friday.

Price: 53.38, Change: +3.26, Percent Change: +6.50