Senomyx Inc. (Nasdaq: SNMX), a San Diego company that uses proprietary taste science technologies to discover, develop and commercialize novel flavor ingredients for the food, beverage and flavor industries, announced that PepsiCo Inc. (NYSE: PEP) has exercised its option to extend the companies' collaborative agreement related to Senomyx's sweet-taste technology for an additional two years, through August 2016.
PepsiCo will continue to have exclusive worldwide rights to the Senomyx sweet flavor ingredients developed under the collaboration for use in non-alcoholic beverage categories.
Under the agreement, Senomyx will be entitled to committed research funding payments over the additional two-year period. Senomyx also will remain eligible for milestone payments based upon the achievement of predetermined goals, as well as royalty payments.
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