(Reuters) - Bristol Myers Squibb won the dismissal on Monday of a $6.4 billion lawsuit claiming it cheated former Celgene shareholders by delaying federal approval for the cancer drug Breyanzi and two other drugs developed by Celgene.

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.

Bristol-Myers Squibb's acquisition of Karuna and FDA approval of Cobenfy signal growth potential, with focus on driving revenue. Read my update on BMY stock.

Shares in Bristol-Myers Squibb (BMY) surged Friday, after the Food and Drug Administration approved the drugmaker's novel treatment for schizophrenia. Bristol-Myers shares stood about 6% higher in recent premarket trading,

This is a big approval for the company, given that Cobenfy doesn’t have the classic side effects seen in other antipsychotic drugs.

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.