The Princeton-headquartered global biopharmaceutical company features a mission of discovering, developing and delivering innovative medicines that help patients overcome serious diseases.

Earlier this year, BMS completed a $14 billion deal to acquire Boston-based clinical-stage biotherapeutics company Karuna Therapeutics Inc. That deal centered on a potential first-in-class treatment for schizophrenia in adults – KarXT. The investment proved to be a sound one as the drug – now branded as Cobenfy – was approved by the FDA in September.

“Today’s landmark approval of our first-in-class treatment for schizophrenia marks an important milestone for the community, where after more than 30 years, there is now an entirely new pharmacological approach for schizophrenia — one that has the potential to change the treatment paradigm,” said Chris Boerner, board chair and chief executive officer at Bristol Myers Squibb. “As we reenter the field of neuropsychiatry, we are dedicated to changing the conversation around serious mental illness, beginning with today’s approval in schizophrenia.”