Early Life
Andreas Struengmann was born in 1950 in Mülheim an der Ruhr, Germany. He earned his medical degree from the University at Buffalo. After practicing medicine, he returned to Germany and, along with his twin brother, Thomas, entered the pharmaceutical industry.
Rise to Success
In 1986, the Strüngmann brothers founded Hexal AG, a generic drug manufacturer. Under their leadership, Hexal AG became Germany's second-largest generic drug producer. In 2005, they sold Hexal AG and their stake in U.S.-based Eon Labs to Novartis for $7.5 billion. This acquisition led to the expansion of Sandoz, a subsidiary of Novartis, making it the largest generic-drug company globally. Following the sale, Andreas took an executive position at Sandoz.
Key Business Strategies
The Strüngmann brothers' success stems from their strategic investments in the pharmaceutical and biotechnology sectors. They were early investors in BioNTech, which developed a COVID-19 vaccine in partnership with Pfizer. They manage their wealth through investment firms like Santo Holding and Athos Service.
Philanthropy
Andreas Struengmann and his family are involved in philanthropy. In 2007, they established the Andreas and Susan Struengmann Foundation to support educational initiatives in the Western Cape. They also established a neuroscience research center in Frankfurt named after their father.