US FDA approves Bristol Myers' schizophrenia drug
The U.S. FDA has approved Bristol Myers Squibb's schizophrenia drug, Cobenfy (KarXT), which offers a treatment option with fewer common side effects. Acquired through a billion-dollar takeover of Karuna Therapeutics, the drug aims to drive growth as patents on older drugs expire. In studies, Cobenfy reduced symptoms in over a third of patients, with fewer side effects like weight gain. Analysts project U.S. sales of $1.5 billion by 2030.
Sept 26 (Reuters) - The U.S. FDA approved Bristol Myers Squibb’s (BMY.N) schizophrenia drug on Thursday, providing patients with a treatment option that reduces symptoms of the mental disorder without common side effects, the health regulator said.
Bristol Myers obtained the drug Cobenfy, also known as KarXT, through its $14 billion takeover of Karuna Therapeutics last year. The drugmaker is banking on the treatment to help power growth as patents on its older cancer drug Revlimid and blood thinner Eliquis expire later this decade.
In late-stage studies, Cobenfy helped curb symptoms such as delusions and reduced speech by more than or equal to 30%, in over a third of patients who had been on the treatment for a year.
Additionally, side effects such as weight gain and extreme sleepiness - usually seen with currently available treatments - were less prevalent in patients who received the drug.
William Blair analysts expect $2.5 billion in U.S. sales for the drug by 2030.
