Senomyx, PepsiCo Ink Sweetener Agreement

SAN DIEGOSenomyx, Inc. announced that it has signed a letter agreement with PepsiCo and entered into an exclusive 60-day negotiation period regarding the completion of a definitive agreement for a new collaboration related to Senomyxs 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.

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, stated Kent Snyder, Chief Executive Officer of the Company. Senomyx shares PepsiCos commitment to providing consumers with healthier, great-tasting products. 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.