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{{Short description|German billionaire (born 1950)}}
'''Andreas Strüngmann''' ([[1950]]-) founded [[generic drug]] maker [[Hexal|Hexal AG]] ($1.6 billion sales during 2004) in [[1986]]. They eventually built it into Germany's second-largest generic drug producer. In [[February 2005]], he and his brother Thomas sold Hexal and their 67.7% of U.S. [[Eon Labs]] to [[Novartis]] for $7.5 billion, making Sandoz the largest generic-drug company in the world.
{{Infobox person
| name = Andreas Strüngmann
| birth_date = {{Birth year and age|1950}}
| occupation = Entrepreneur
| known_for = Co-founder of Hexal
}}
'''Andreas Strüngmann''' (born 1950) is a German physician<ref>Heide Neukirchen
21 March 2006), [https://www.manager-magazin.de/unternehmen/karriere/a-406864.html Familie Strüngmann: Papas, Pioniere und Piraten] ''[[Manager Magazin]]''.</ref> and billionaire businessman who founded [[generic drug]] maker [[Hexal|Hexal AG]] ($1.6 billion sales during 2004) in 1986 and has built his fortunes, with his life-long partner and identical twin, [[Thomas Strüngmann]], mainly through the investment into the [[biotechnology]] and [[pharmaceutical]] industries. Andreas manages, together with his brother, their total family assets, estimated to be roughly $30 billion, through their single [[family office]].<ref>{{Cite news |date=2022-02-01 |title=Ex-Head of Family Office for $31 Billion Fortune Builds Firm |url=https://www.bloomberg.com/news/articles/2022-02-01/ex-head-of-family-office-for-31-billion-fortune-builds-own-firm |access-date=2024-08-26 |work=Bloomberg.com |language=en}}</ref>


== Biography ==
==Career==
In 2004, Strüngmann and his twin brother [[Thomas Strüngmann|Thomas]] – through their Santo Holding – acquired a share of 89.6 percent in [[Südwestbank]] from [[DZ Bank]]. In 2017, they sold the bank for an undisclosed price to [[BAWAG]].<ref>Shadia Nasralla (17 July 2017),[https://www.reuters.com/article/idUSKBN1A20MN/ Austria's BAWAG PSK buys Germany's Suedwestbank] ''[[Reuters]]''.</ref>
Strungmann was born in Germany in 1951. He currently has residences in [[Tegernsee]], Germany, Europe and Russia and is married with two children. At age 56 he isn't quite ready to retire so he accepted an executive position at [[Sandoz]], a generics division of Novartis.
In February 2005, the Strüngmann brothers sold Hexal and their 67.7 percent of U.S. [[Eon Labs]] to [[Novartis]] for $7.5 billion,<ref>''[[Forbes]]''. [https://www.forbes.com/profile/andreas-strungmann/ "Andreas Strungmann - Forbes"]. March 2013. Retrieved on 27 May 2013.</ref> making its subsidiary [[Sandoz]] the largest generic-drug company in the world. At age 56, he subsequently accepted an executive position at Sandoz, working as head of regional operations in Europe, Africa and Asia-Pacific.<ref>Heather Timmons and Tom Wright (22 February 2005), [https://www.nytimes.com/2005/02/22/business/worldbusiness/novartis-to-buy-two-makers-of-generics.html Novartis to Buy Two Makers of Generics] ''[[New York Times]].''</ref>

In 2008, the Strüngmann brothers – through their asset management firm Athos – agreed to underwrite 25 percent of a capital increase at [[Conergy]].<ref>Nicola Leske (20 February 2008), [https://www.reuters.com/article/conergy-idUSL2076852620080220/ Conergy gets investor support for cap hike -paper] ''[[Reuters]].''</ref>

Also in 2008, the Strüngmann brothers supported [[BioNTech]] with a €136.5 million seed investment in a €150 million round that enabled the founding of the company.<ref>Denise Roland (15 May 2023), [https://www.ft.com/content/20d69b46-11fd-4904-8d6c-86927a3f4cd5 ‘Biotech is the ultimate impact investment’ — family offices can’t get enough of it] ''[[Financial Times]].''</ref> In 2023, they owned 43.5 percent of BioNTech through an investment vehicle called AT Impf, making their stake worth around $14 billion.<ref>Denise Roland (15 May 2023), [https://www.ft.com/content/20d69b46-11fd-4904-8d6c-86927a3f4cd5 ‘Biotech is the ultimate impact investment’ — family offices can’t get enough of it] ''[[Financial Times]].''</ref>

In 2014, the Strüngmann brothers' Santo Holding and [[EQT AB]] purchased [[WS Audiology|Siemens Audiology Solutions]] from [[Siemens]] for €2.2 billion, leading the latter to abandon plans for an [[initial public offering]].<ref>Christopher Hughes and Olaf Storbeck (25 November 2014), [https://archive.nytimes.com/dealbook.nytimes.com/2014/11/25/sig-deal-shows-private-equitys-desire-for-big-leveraged-buyouts-in-europe/ SIG Deal Shows Private Equity’s Desire for Big Leveraged Buyouts in Europe] ''[[New York Times]]''.</ref>

==Personal life==
Strüngmann currently has residences in [[Tegernsee]] and South Africa and is married with two children. In 2007, he and his wife established the Andreas and Susan Struengmann Foundation to support educational initiatives in the [[Western Cape]].


==See also==
==See also==
*[[List of billionaires]]
*[[List of billionaires]]

==References==
{{reflist}}


==External links==
==External links==
*[http://www.forbes.com/enwiki/static/bill2005/LIRTHJ6.html?passListId=10&passYear=2005&passListType=Person&uniqueId=THJ6&datatype=Person Forbes World's Richest People]
*[https://www.forbes.com/enwiki/static/bill2005/LIRTHJ6.html?passListId=10&passYear=2005&passListType=Person&uniqueId=THJ6&datatype=Person Forbes World's Richest People]
*[http://www.forbes.com/lists/2006/10/THJ6.html Forbes Billionaires]
*[https://www.forbes.com/lists/2006/10/THJ6.html Forbes Billionaires]
*[http://www.how-to-make-more-money.com/Andreas-Strungmann_biography.html Andreas Strungmann biography]
*[https://web.archive.org/web/20080820080613/http://www.how-to-make-more-money.com/Andreas-Strungmann_biography.html Andreas Strungmann biography]

{{Authority control}}


{{Germany-business-bio-stub}}
{{DEFAULTSORT:Strungmann, Andreas}}
{{DEFAULTSORT:Strungmann, Andreas}}
[[Category:1950 births|Strungmann, Andreas]]
[[Category:1950 births|Strungmann, Andreas]]
[[Category:Living people|Strungmann, Andreas]]
[[Category:Living people|Strungmann, Andreas]]
[[Category:German billionaires]]
[[Category:German billionaires]]
[[Category:20th-century German businesspeople]]
[[Category:21st-century German businesspeople]]

Latest revision as of 18:00, 24 December 2024

Andreas Strüngmann
Born1950 (age 74–75)
OccupationEntrepreneur
Known forCo-founder of Hexal

Andreas Strüngmann (born 1950) is a German physician[1] and billionaire businessman who founded generic drug maker Hexal AG ($1.6 billion sales during 2004) in 1986 and has built his fortunes, with his life-long partner and identical twin, Thomas Strüngmann, mainly through the investment into the biotechnology and pharmaceutical industries. Andreas manages, together with his brother, their total family assets, estimated to be roughly $30 billion, through their single family office.[2]

Career

[edit]

In 2004, Strüngmann and his twin brother Thomas – through their Santo Holding – acquired a share of 89.6 percent in Südwestbank from DZ Bank. In 2017, they sold the bank for an undisclosed price to BAWAG.[3]

In February 2005, the Strüngmann brothers sold Hexal and their 67.7 percent of U.S. Eon Labs to Novartis for $7.5 billion,[4] making its subsidiary Sandoz the largest generic-drug company in the world. At age 56, he subsequently accepted an executive position at Sandoz, working as head of regional operations in Europe, Africa and Asia-Pacific.[5]

In 2008, the Strüngmann brothers – through their asset management firm Athos – agreed to underwrite 25 percent of a capital increase at Conergy.[6]

Also in 2008, the Strüngmann brothers supported BioNTech with a €136.5 million seed investment in a €150 million round that enabled the founding of the company.[7] In 2023, they owned 43.5 percent of BioNTech through an investment vehicle called AT Impf, making their stake worth around $14 billion.[8]

In 2014, the Strüngmann brothers' Santo Holding and EQT AB purchased Siemens Audiology Solutions from Siemens for €2.2 billion, leading the latter to abandon plans for an initial public offering.[9]

Personal life

[edit]

Strüngmann currently has residences in Tegernsee and South Africa and is married with two children. In 2007, he and his wife established the Andreas and Susan Struengmann Foundation to support educational initiatives in the Western Cape.

See also

[edit]

References

[edit]
  1. ^ Heide Neukirchen 21 March 2006), Familie Strüngmann: Papas, Pioniere und Piraten Manager Magazin.
  2. ^ "Ex-Head of Family Office for $31 Billion Fortune Builds Firm". Bloomberg.com. 2022-02-01. Retrieved 2024-08-26.
  3. ^ Shadia Nasralla (17 July 2017),Austria's BAWAG PSK buys Germany's Suedwestbank Reuters.
  4. ^ Forbes. "Andreas Strungmann - Forbes". March 2013. Retrieved on 27 May 2013.
  5. ^ Heather Timmons and Tom Wright (22 February 2005), Novartis to Buy Two Makers of Generics New York Times.
  6. ^ Nicola Leske (20 February 2008), Conergy gets investor support for cap hike -paper Reuters.
  7. ^ Denise Roland (15 May 2023), ‘Biotech is the ultimate impact investment’ — family offices can’t get enough of it Financial Times.
  8. ^ Denise Roland (15 May 2023), ‘Biotech is the ultimate impact investment’ — family offices can’t get enough of it Financial Times.
  9. ^ Christopher Hughes and Olaf Storbeck (25 November 2014), SIG Deal Shows Private Equity’s Desire for Big Leveraged Buyouts in Europe New York Times.
[edit]
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