Glaukos and Ivantis will submit a joint request to terminate the pending legal dispute, and dismiss it upon receiving the first upfront payment
Glaukos has reached an agreement with California-based ophthalmic device maker Ivantis to resolve a patent infringement lawsuit concerning the latter’s Hydrus Microstent.
The patent infringement case with the US District Court for the Central District of California was lodged in April 2018.
Under the settlement agreement, Glaukos is expected to receive $60m, half of which ($30m) is expected by the end of this year, and the remaining ($30m) by end of 2022.
The company is expected to receive a 10% royalty through April 2025, based on sales of the Ivantis’ Hydrus Microstent in the US, along with sales outside the US.
Glaukos president and chief executive officer Thomas Burns said: “Since our founding in 1998, Glaukos has invested considerable time and resources to develop novel technologies that have pioneered an entirely new treatment category for glaucoma surgeons and their patients.
“We remain confident in the strength of our robust intellectual property portfolio and believe this settlement allows us to focus our full attention and resources on executing our long-term growth strategy by bringing transformative new technologies to the market for the benefit of patients worldwide.”
In relation with the settlement, both the parties have agreed on mutual licenses and covenants, and to stop filing lawsuits pertaining Hydrus and iStent technologies.
The companies are anticipated to submit a joint request to terminate the pending legal dispute, and dismiss it upon receiving the first upfront payment.
Glaukos is a US-based ophthalmic technology and pharmaceutical firm, focused on advanced therapies for the treatment of glaucoma, corneal disorders and retinal diseases,
The company is specialised in micro-invasive glaucoma surgery (MIGS), to improve the traditional glaucoma treatment and management paradigm.
It is engaged in building a complete portfolio of micro-scale surgical and pharmaceutical therapies, leveraging its platform technology.
Glaukos has rolled out its first MIGS device iStent in 2012, next-generation iStent inject device in 2018, and iStent inject W device in 2020, in the US.