Bristol Myers Squibb Co. gained US approval for the first new type of schizophrenia drug in seven decades, opening a fresh avenue of treatment for millions with the serious mental disorder.

Bristol Myers Squibb stock rose after the pharma company won approval for its new schizophrenia drug late Thursday. “This drug takes the first new approach to schizophrenia treatment in decades,” the Food and Drug Administration said.

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.