Thomas Struengmann Biography & Net Worth
Thomas Struengmann Biography & Net Worth
|Popular Name:||Thomas Struengmann|
|Real Name:||Thomas Struengmann|
|Profession:||Businessman, Investor, Entrepreneur|
|Net Worth:||$3.2 Billion|
Thomas Strüngmann is one of the founders of the generic drug manufacturer Hexal AG. He is a German businessman and pharmaceutical entrepreneur. He and his brother, Andreas, started Hexal AG in 1986 and later sold it for $6.7 billion in 2005.
Thomas and his brother earned $8 billion on their stake in the German company BioNTech SE, which is developing the Pfizer vaccine. They own roughly 50 percent of the company as well as noteworthy ownership in Immatics and 4SC.
This pharmaceutical executive currently owns the largest health-care earned fortune, alongside his brother. The siblings control their business ventures from a family office, Athos Service.
Early Life: Childhood, Education
Thomas Strüngmann was born in Germany in the year 1950. His only known family member is his identical twin brother. Andreas Strüngmann.
He attended and graduated from the University of Augsburg. Likewise, he has a doctorate in business management.
After his graduation, Thomas worked as a marketing manager for the United States pharmacological company Schering-Plough before going on to establish himself in his desired fields.
Professional Life: Business Career, Companies
Thomas Strüngmann and his brother, Andreas, are two of the most outstanding capitalists in the pharmaceutical industry. In the mid-1980s, they started their first business Hexal AG, the biggest German generic drug manufacturing company, which they subsequently sold to drug giants Novartis for $7.5 billion in 2005, along with their shares in Eon Labs. Since then, the brothers have been engaged in several noteworthy investments in the German biotech sector as well as the generics segment.
Most recently, the brothers built a $22 billion fortune on the Covid-19 vaccine.
As reported by Bloomberg in November 2020, Thomas and Andreas Struengmann collectively added approximately $8 billion to their wealth at the end of 2020 thanks to their investment in the German company BioNTech SE, which is developing the Pfizer vaccine. BioNTech’s American depository receipts increased beyond expectation in the middle of November 2020 after the United States drug giant reported that they were working on preventing 90 percent of symptomatic infections in thousands of volunteers.
At $22 billion, the twin brothers have one of the biggest healthcare fortunes ever reported in the world, according to the Bloomberg Billionaires Index. The brothers, aged 71, forged their empire by reinvesting the profits of their family’s drugs businesses. They reshaped their fortune by basically believing in science.
In 2005, following Novartis’ announcement of acquiring the drugmaker, Hexal, along with the brothers’ stake in EON Labs for a combined $6.7 billion, the Struengmanns erected their family office, Athos Service, from where they run their businesses.
According to Thomas Struengmann in an interview with German newspaper Handelsblatt, he and his brother initially promised not to invest more than a billion euros in the biotechnology sector because of several factors. However, the ended up exceeding that budget after seeing signs of potential. Their bet on BioNTech embodies their ambition of financing and promoting transformational drugs. They helped to sponsor the firm with 150 million euros in 2008 and now own nearly half of the company. Its stock rally has also improved the fortune of Ugur Sahin, the Chief Executive Officer of BioNTech to more than $4 billion, putting him on the edge of joining the 500 richest people on the planet. The Struengmanns also backed the previous venture started by Sahin known as Ganymed Pharmaceuticals AG. It is a cancer-treatment company that was founded by the Turkish-born scientist with now-wife Ozlem Tureci.
Their father, Ernst Struengmann started the drug company Durachemie during the peak of his career. In 1979, Thomas and his twin brother took over from their father and later sold the company seven years later and started their own company, Hexal, with the proceeds they had realized. They started their business with about twenty-four workers in an apartment building within a short distance from Munich, in Germany, and grew it into the fourth-biggest generic-drug company in the whole world.
BioNTech’s United States initial public offering in 2020 capped off a busy decade for the twin. Since 2010, they’ve been busy expanding their wealth and expertise in multiple ventures. They invested in a hearing-aid business from Siemens, sold German lender Suedwestbank for more than twofold what they bought it for in 2004 and purchased stakes in numerous biotech companies including Immatics NV, which merged with Arya Sciences Acquisition Corp very recently.
While the twins must been smiling from chin to chin in respect to all their accomplishments, we must bear in mind that not all of their gambles have paid off. Immatics’s share price has dropped about a third since it started trading on the Nasdaq in July 2020, while 4SC AG, a German cancer-drug company in which the brothers are majority shareholders, has dipped more than a fifth this year. BioNTech had a rough start as, pricing its IPO below its mark range, though its shares later surged 580%.
About the Company
The pharmaceutical firm, Hexal AG, develops, produces, and sells generic pharmaceuticals. The Company provides drugs and both prescription and non-prescription medicines for pain, Parkinsons, colds, cancer, asthma, high blood pressure, osteoporosis, and much more. Hexal markets its wide range of products worldwide.
The business entity is as at this moment, a German subsidiary of Novartis AG, a pharmaceutical company that is based in Holzkirchen (Bavaria). It is considered as one of the leading manufacturers of generic in the German market. The portfolio includes over 5,900 drugs for numerous therapeutic purposes with a total of more than 400 active ingredients – approximately 200 million items leave the production sector every year.
In 1986, twin brothers Thomas and Andreas Strüngmann founded Hexal Chemie GmbH and Co KG in Tegernsee, Germany. In February 2005, they sold it to the Swiss conglomerate known as Novartis Group. The new owners integrated Hexal AG into the subgroup Sandoz. The headquarters of Sandoz was immediately relocated to Holzkirchen in Germany from Vienna in Austria. At the same time, the manufacturer Eon Labs was also integrated into Sandoz. The completion of the Hexal acquisition was announced on June 7, 2005.
Personal Life: Wife, Children
Thomas is a lovely husband and responsible father. He has four children, and now lives in Tegernsee, Germany.
Thomas Struengmann Net Worth: Salary, Earnings, Income Sources, Shares
The German businessman and pharmaceutical tycoon, Thomas Struengmann, presently owns a fortune of $3.2 billion according to a recent estimate. Together with his twin brother, Andreas, Thomas founded the drug company Hexal AG in the year 1986 and built it up to emerge as the second-largest general drug producer in the European company of Germany.
Thomas and Andreas sold Hexal in addition to their 67.7 percent share of Eon Labs to Novartis for a whopping sum of $7.5 billion. Since the sale of their first company, the brothers have been investing in numerous biotechnology and health firms, including a private bank Sudwestbank AG. Thomas earns his riches from the numerous investments and companies he controls along with his twin brother. Although his annual earnings have never made it to public attention, the businessman and his brother records pay of millions of dollars at the end of the day, as estimated due to their various holdings and stakes in various companies from Europe to America.