Shares in AbbVie have slumped after a pair of failed phase 2 trials for emraclidine, a schizophrenia drug it acquired as part of its $8.7 billion takeover of Cerevel Therapeutics last year.
Bristol-Myers Squibb's $14 billion bet on buying Karuna Therapeutics looks set to pay off after it got FDA approval for the schizophrenia drug at the heart of the deal.
