On Thursday, the U.S. Food and Drug Administration approved COBENFY, an oral medication that marks the first new class of drugs for schizophrenia in more than 30 years.

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.

Key Takeaways Bristol Myers Squibb's drug to treat schizophrenia was approved for use by the Food and Drug Administration.The pharmaceutical firm called Cobenfy the first new treatment for the illness in decades.