FDA approves Bristol Myers Squibb's Cobenfy, the first novel schizophrenia treatment in over 70 years, expected to be available in late October. The twice-daily pill, acquired from Karuna Therapeutics for $14 billion, offers a new mechanism of action without direct dopamine blocking, aiming to reduce side effects. Cobenfy's annual cost is $22,500, with a program to aid affordability. The drug may also be tested for Alzheimer's psychosis, bipolar mania, and autism-related irritability.