San Diego-based Senomyx Inc. said PepsiCo Inc. 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 (NYSE: PEP) will continue to have exclusive worldwide rights to the Senomyx’s (Nasdaq: SNMX) sweet flavor ingredients developed under the collaboration for use in nonalcoholic beverages, the company said.

According to Senomyx, which uses proprietary technologies to develop and commercialize flavor ingredients, it will be entitled to committed research funding payments over the extension. It will also remain eligible for agreed upon milestone payments, as well as royalty payments.

John Poyhonen is the CEO of Senomyx, which has a market cap of about $308 million.