Damage Estimate Cut in Genentech Case

An expert witness for City of Hope in its contract infringement trial against Genentech Inc. shaved $14 million from his damages estimate, reducing it to $445.9 million. The still-huge sum, which accountant Michael Wagner wrote on an easel in thick, black marker, would erase Genentech’s profit this year. City of Hope claims Genentech cheated it out of royalties when Genentech licensed technology developed by the hospital to third parties.

Genentech, which wrapped up its defense testimony Tuesday, maintains it owes City of Hope nothing.

The biotechnology company, based in South San Francisco, has accused the Duarte-based hospital of rewriting the contract between them. Lawyers said the trial, which began Aug. 28, could go to the jury by the end of this week.

Genentech shares rose 99 cents to $42 on the NYSE.