Shares of Regeneron Pharmaceuticals and Sanofi edged higher Friday after their drug to treat chronic obstructive pulmonary disease received approval from the Food and Drug Administration.

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.

The medication is the first in decades to have a different mode of action than do current drugs, achieving better symptom relief with fewer side effects.

Bristol-Myers Squibb shares rose in premarket trade on Friday after the Food and Drug Administration approved a schizophrenia drug.

This drug takes the first new approach to schizophrenia treatment in decades," Farchione continued. "This approval offers a new alternative to the antipsychotic medications peo

Bristol Myers Squibb stock jumped 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.

Shares of pharmaceutical company Bristol Myers Squibb ($BMY) are up 4% on news that the U.S. Food and Drug Administration (FDA) has approved its