Glaukos (NYSE:GKOS) announced today that it entered into a settlement with Ivantis to terminate a three-year-old patent infringement lawsuit.

San Clemente, California-based Glaukos’ patent infringement lawsuit, initiated on April 14, 2018, in the U.S. District Court for the Central District of California, Southern Division, concerned Ivantis’ Hydrus Microstent for reducing eye pressure in glaucoma patients.

Under the settlement agreement, Ivantis will pay Glaukos $60 million, with $30 million to be paid by Dec. 31, 2021. The remainder must be paid by Dec. 31, 2022, with Ivantis also to pay Glaukos a 10% ongoing royalty through April 26, 2025, based on the Hydrus Microstent’s U.S. sales and any international sales supplied outside of the U.S.

Additionally, the companies agreed to mutual licenses and covenants not to sue on the Hydrus and Glaukos’ iStent technologies. Both parties will submit a joint request to stay the pending litigation, which had been scheduled to begin later this month, and dismiss it upon receipt of the first upfront payment.

“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,” Glaukos president & CEO Thomas Burns said in a news release. “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.”