SAN DIEGO--(BUSINESS WIRE)--June 24, 2010--Senomyx, Inc. (NASDAQ:SNMX), 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), 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.
