PureTech Health has obtained approval from the US Food and Drug Administration (FDA) for KarXT to treat schizophrenia in adults. With this approval, the company is entitled to receive two separate payments totalling $29m from Royalty Pharma and Karuna Therapeutics,

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's stock is set to rise with FDA approvals, acquisitions, and a strong oncology portfolio, despite potential risks. Read more on BMY here.