Glaukos Corp (NYSE: GKOS) has settled a patent infringement lawsuit with Ivantis Inc. The lawsuit was initiated by Glaukos in 2018 in the U.S. District Court for the Central District of California, Southern Division, concerning Ivantis' Hydrus Microstent.
Under the agreement, Ivantis will pay Glaukos $60 million, $30 million of which will be paid by December 31, and the other $30 million to be paid by December 31, 2022.
Ivantis will also pay Glaukos a 10% ongoing royalty through April 26, 2025, based on Ivantis' Hydrus Microstent U.S. sales and any international sales supplied out of the U.S.
Further, the parties have agreed to mutual licenses and covenants not to sue on the Hydrus and iStent technologies.
Under the settlement, the parties will submit a joint request to stay the pending litigation, scheduled for trial beginning on September 28, 2021, and dismiss it upon receipt of the first upfront payment.
Price Action: GKOS shares are up 5.96% at $53.00 during the premarket session on the last check Wednesday.
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