Contrave

In a surprise move Tuesday, the FDA rejected Orexigen's proposed new diet drug Contrave, saying the company needed to run another study of its cardiovascular risks. With this rejection, all three of a slate of similar diet drugs from competing pharmaceuticals have been turned back by the agency.

After the U.S. Food and Drug Administration rejected two other weight-loss pills earlier this year, an advisory panel has recommended the approval of Orexigen Therapeutics's Contrave. If the FDA follows the recommendation, Contrave could become the first diet drug to win approval in a decade.

Orexigen jumped over 25% in premarket trading after announcing an exclusive partnership agreement potentially worth over $1 billion with Japan's Takeda Pharmaceutical to develop and commercialize Contrave, Orexigen's promising obesity drug.