Bristol Myers Squibb (BMY) stock rocketed Monday after AbbVie's (ABBV) experimental schizophrenia treatment failed in a pair of midstage studies.
The news bolsters Bristol Myers' new schizophrenia treatment, Cobenfy.
Bristol spent $14 billion earlier this year to acquire Karuna Therapeutics for Cobenfy, the drug formerly called KarXT. Cobenfy gained Food and Drug Administration approval in September. It's the first drug in its class. AbbVie was looking to rival Cobenfy with its drug, emraclidine.
But emraclidine failed to make a difference in two Phase 2 studies. AbbVie tested emraclidine in patients with schizophrenia who experienced an acute exacerbation of psychotic symptoms. After six weeks, the patients who received emraclidine didn't show a significant improvement in symptoms compared to the placebo recipients.
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