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Senomyx in demand after announcing potential collaboration with Pepsi

Published: 16:22 24 Jun 2010 EDT

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Novel flavor developer, Senomyx (NASDAQ:SNMX) rose in early trading after the company announced a 60-day negotiation period with food and beverage giant PepsiCo (NYSE:PEP) to complete a collaboration to develop new sweeteners.


Under the letter of agreement with PepsiCo, Senomyx will receive an upfront payment of US$7.5 million from the world’s second largest food and beverage company, which is non-refundable, but will be applied to any future upfront license fee agreed between the two companies.


Senomyx develops flavor ingredients for the food, beverage and ingredient supply industries, but PepsiCo is most interest in the development and commercialisation of artificial and natural sweeteners for non-alcoholic beverages.


"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."


Senomyx has a number of product discovery and development collaborations with food, beverage, and ingredient supply companies.

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