Senomyx, Inc. (SNMX)

[surf1944]

8:03AM Senomyx and PepsiCo (PEP) enter into a 4-yr collaboration; co to receive $30 mln upfront payment and will be entitled to $32 mln in committed research and development payments (SNMX) 3.81 : Co and PepsiCo (PEP) announces that they have entered into a 4-yr collaborative agreement related to Senomyx's sweet-taste technology. PepsiCo's collaboration with Senomyx will focus on the discovery, development and commercialization of sweet enhancers and natural high-potency sweeteners with the intent to bring to the marketplace lower-calorie PepsiCo beverages. PepsiCo will have exclusive rights to the Senomyx sweet flavor ingredients developed under the collaboration for use in non-alcoholic beverage categories. Under the agreement, co will receive an upfront payment of $30 mln from PepsiCo, $7.5 million of which was paid previously. Co also will be entitled to $32 million in committed research and development payments over the four-year research period. PepsiCo retains the option to extend the research collaboration for two more years, which would result in additional research funding commitments. Co also will be eligible for milestone payments based on the achievement of predetermined goals as well as royalty payments.