Senomyx Signs Letter Agreement With Pepsico Regarding Potential Collaboration Related to the Discovery, Development, and Commercialization of New Sweet Flavor Ingredients
Proposed Collaboration Would Include the Discovery and Commercialization of Artificial & Natural Sweet Enhancers and Natural High Potency Sweeteners for Use in Non-Alcoholic Beverage Products
Press Release Source: Senomyx, Inc. On Thursday June 24, 2010, 8:30 am EDT
SAN DIEGO--(BUSINESS WIRE)--June 24, 2010--Senomyx, Inc. (NASDAQ:SNMX - News), a leading company focused on using proprietary technologies to discover and develop novel flavor ingredients for the food, beverage, and ingredient supply industries, announced today that it and PepsiCo (NYSE:PEP - News), the world’s second-largest food and beverage company, have signed a letter agreement and entered into an exclusive 60-day negotiation period regarding the completion of a definitive agreement for a new collaboration related to Senomyx’s sweet taste technology. The letter agreement includes key commercial and financial terms for a potential multi-year collaborative research program focused on the discovery, development, and commercialization of new artificial sweet enhancers, natural sweet enhancers, and natural high potency sweeteners for the non-alcoholic beverage category. Under the letter agreement, Senomyx will receive a payment of $7.5 million from PepsiCo. The payment, which is non-refundable except under limited circumstances, will be paid immediately and later applied to an upfront license fee if Senomyx and PepsiCo enter into a final definitive agreement.
“Senomyx shares PepsiCo’s commitment to providing consumers with healthier, great-tasting products,” stated Kent Snyder, Chief Executive Officer of the Company. “We are looking forward to finalizing our agreement and using our unique technology to help PepsiCo expand its product portfolio. We believe that our potential new collaboration would include a commercialization timeframe and other terms that are beneficial for both companies.”
About Senomyx, Inc. (www.senomyx.com)
Senomyx is a leading company using proprietary taste receptor technologies to discover and develop novel flavor ingredients in the savory, sweet, salt, bitter, and cooling areas. The Company has product discovery and development collaborations with global food, beverage, and ingredient supply companies, some of which are currently marketing products that contain Senomyx’s flavor ingredients. For more information, please visit senomyx.com. |
