Harold Snyder
March 5, 2001 In 1964, Harold Snyder founded Biocraft Laboratories along with his late wife Beatrice. In 1996, the manufacturer of generic drugs was sold to Teva Pharmaceutical Industries, the largest drug company in Israel, for $300 million. At the time of sale, the Snyders controlled an estimated 60 percent of Biocraft. Snyder, who was the CEO and chairman of Biocraft, now serves on the board of directors at Teva. Analysts expect that Teva's sales will reach $1.93 billion this year, though violence in Israel has hurt the firm's stock, which is traded in Tel Aviv. During the last elecytion cycle, Snyder gave $2,000, the maximum allowed, to Rep. Nita Lowley (D-N.Y.), a member of the House Appropriations Committee and an advocate of U.S. aid to Israel. Along with other generic drug makers, Teva has made a concerted effort in recent months to pass laws loosening patent protections. Besides his position at Teva, Snyder also serves as a principal at HBJ Investments LLC, along with his son, Jay Snyder (No. 394, $154,000). HBJ provides capital to a wide array of start-up companies. Jay Snyder served as a senior U.S. advisor to the United Nations, where he worked on international trade, poverty reduction, and other issues. When contacted by Mother Jones about his contributions, Harold Snyder declined comment. "I'm not doing anything illegal," he said. -- Joshua Woodard | | |
