Senomyx and Firmenich have expanded their Cool Program collaborative agreement, where the latter will have an exclusive license to Coolmyx CL19 and related cooling ingredients in all product categories.
This amendment also includes a license expansion for product categories covering applications in the flavor, oral care and consumer product markets.
“During the second quarter, Senomyx engaged an advisor to pursue strategic options related to certain flavor ingredient assets,” stated John Poyhonen, president and CEO of Senomyx.
“We have been gratified by the significant third-party interest in this family of cooling ingredients, and we believe that Firmenich’s exclusive license of Coolmyx CL19 is an outstanding opportunity for both companies.”
Under the terms of the amended agreement, Senomyx will receive an upfront payment of US$10 million for the exclusive license and pre-payment of Cool Program royalty obligations covering the period from 2018 through 2020.
In addition, Firmenich’s royalty payment obligations will resume in 2021 and will continue through the length of the agreement.