No new treatments for schizophrenia have been approved in nearly three decades, but that changed on Sept. 26, when the U.S. Food and Drug Administration (FDA) approved Cobenfy for the psychiatric disorder.

The FDA has approved the first treatment for schizophrenia that targets cholinergic receptors rather than dopamine receptors.

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.