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.

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.

The U.S. Food and Drug Administration (FDA) on Thursday approved Bristol Myers Squibb’s (BMY) highly anticipated schizophrenia drug, Cobenfy. It’s the first novel treatment for the debilitating mental disorder in over seven decades.