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==Career==
==Career==
In February 2005, Strüngmann and his twin brother [[Thomas Strüngmann|Thomas]] 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 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>
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 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 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>

Revision as of 00:03, 8 April 2024

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

Andreas Strüngmann (born 1950) is a German physician[1] and businessman who founded generic drug maker Hexal AG ($1.6 billion sales during 2004) in 1986. It became Germany's second-largest generic drug producer.[2]

Career

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 supported BioNTech with a €136.5 million seed investment in a €150 million round that enabled the founding of the company.[6] In 2023, they owned 43.5 percent of BioNTech through an investment vehicle called AT Impf, making their stake worth around $14 billion.[7]

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

References

  1. ^ Heide Neukirchen 21 March 2006), Familie Strüngmann: Papas, Pioniere und Piraten Manager Magazin.
  2. ^ Timmons, Heather & Wright, Tom. "Novartis to Buy Two Makers of Generics". The New York Times, 22 February 2005. Retrieved on 27 May 2013.
  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. ^ Denise Roland (15 May 2023), ‘Biotech is the ultimate impact investment’ — family offices can’t get enough of it Financial Times.
  7. ^ Denise Roland (15 May 2023), ‘Biotech is the ultimate impact investment’ — family offices can’t get enough of it Financial Times.
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