Senomyx Announces Extension of Discovery and Development Collaboration with Cadbury Schweppes
Under the terms of the extended agreement, Cadbury Schweppes has agreed to pay Senomyx research funding and specified payments upon the achievement of milestones during the collaborative period.
17/07/07 Senomyx, Inc., a leading company focused on using proprietary technologies to discover and develop novel flavor ingredients for the packaged food and beverage industry, announced a one-year extension of its exclusive collaborative research and license agreement with Cadbury Adams USA LLC, a Cadbury Schweppes company, for the discovery and commercialization of new flavor ingredients in the gum confectionery area. Under the terms of the extended agreement, Cadbury Schweppes has agreed to pay Senomyx research funding and specified payments upon the achievement of milestones during the collaborative period. Upon commercialization, Senomyx will receive royalty payments based on sales of products using the new flavor ingredients.
"Our collaboration with Cadbury Schweppes began in July 2005, and we are pleased to extend our partnership with them for an additional year," said Kent Snyder, President and Chief Executive Officer of Senomyx. "Cadbury Schweppes is a global leader in the confectionery market with gum brands such as Trident, Dentyne and Bubblicious. Their decision to extend our collaboration is especially meaningful for Senomyx because we believe it is an acknowledgment of our excellent working relationship, and it provides further validation of Senomyx's discovery and development technology and the commercial potential of our programs," Snyder added.
