La Jolla, Calif., Mar 24, 2006 -- Senomyx, Inc. (NASDAQ:SNMX), a leading company focused on using proprietary technologies to discover and develop novel flavor ingredients for the packaged food and beverage industry, announced today that it has entered into a new research, development, commercialization and license agreement with Ajinomoto Co., Inc., a market leader in food and culinary products.
During the three-year collaborative period, the company will work with Ajinomoto on the discovery and development of novel flavor ingredients on an exclusive basis in the soup, sauce and culinary aids, and noodle product categories and on a co-exclusive basis in the bouillon product category within Japan and other Asian markets, including China and additional key countries. Ajinomoto has agreed to pay Senomyx an upfront license fee, discovery and development funding, and specified payments upon the achievement of milestones during the collaborative period. Upon commercialization, Senomyx will be entitled to royalty payments based on sales of Ajinomoto products containing any flavor ingredients developed under the agreement.
"We are extremely pleased to establish a new collaboration with Ajinomoto, a leader within Japan and other Asian markets. We believe this collaboration provides further validation of our approach while creating access within a number of large product categories," stated Kent Snyder, President and Chief Executive Officer of Senomyx. "In addition, this collaboration supports our strategy of establishing partnerships with market leading companies that provide regional expertise on the taste characteristics preferred by local consumers. Our goal is to continue to leverage our discovery and development capabilities by establishing additional collaborations with market leaders seeking to create a competitive advantage for their products," added Snyder.
"Senomyx now has eight product discovery and development collaborations with six of the world's foremost packaged food and beverage companies: Ajinomoto, Cadbury Schweppes, Campbell Soup, Coca-Cola, Kraft Foods, and Nestle," Snyder noted.