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#453 Thomas Strungmann $4.30B

Random fact: Has a doctorate, in economics not medicine.

Overview

Strungmann and his brother Andreas sold two pharmaceutical companies for 5.7 billion euros ($7.5 billion) in 2005. The pair sold drugmaker Hexal as well as their 68 percent stake in affiliate EON Labs. The siblings, who shared the proceeds equally, invest in startup companies through Zurich-based Santo Holding.

As of Nov. 23, 2017:
Last change +$25.4M (+0.6%)
YTD change +$639M (+17.4%)
Industry Health Care
Biggest asset Cash
Citizenship Germany
Age 66
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Thomas Strungmann's net worth of $4.30B can buy ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of U.S. existing home sales
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Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Strungmann's wealth comes from his 50 percent share of the proceeds from the sale of two pharmaceutical companies in 2005. Strungmann and his brother Andreas raised 5.7 billion euros ($7.5 billion) from the sale of generic drug maker Hexal and their 68 percent stake in Hexal's affiliate EON Labs. The value of his cash investments has been adjusted based on an analysis of dividends, taxes and market performance, and include his share of assets held in trust by Munich-based holding company Athos Service.

Some of the proceeds from the sale were used to invest in startup companies through Santo Holding. The Holzkirchen, Germany-based group is valued based on its equity value in its 2014 annual report, which is published on the German Federal Gazette.

Investments in publicly traded companies Otto Energy and 4SC are included separately in the net worth analysis. Strungmann holds 10 percent of West Perth, Australia-based Otto Energy and 25 percent of Planegg, Germany-based 4SC through his half stake in Santo Holding whose ownership level is disclosed in the companies' 2016 annual reports.

Hanspeter Burkhart, a spokesman for Santo Holding in Zurich, did not respond to messages seeking comment.

Biography

Birthdate: 1950
Family: Unknown, No children
Education: Bachelor's Degree, Economics, Ludwig-Maximilians-Universitaet Muenchen

Strungmann was born in 1950 with his identical twin brother, Andreas. Both brothers obtained doctorates, Thomas in economics and Andreas in medicine.

Thomas and Andreas joined the family business Durachemie in 1979, working with their father Ernst who started it 10 years earlier. After selling the company in 1986, the brothers started Hexal, which they built into one of the world's biggest generic drug companies, according to the Ernst Strungmann Institute website.

Hexal was sold in 2005 to publicly traded pharmaceutical company Novartis. The brothers also off loaded their two-thirds stake in U.S. generic drug company Eon Labs. The sales generated 5.7 billion euros ($7.5 billion) in cash for the brothers.

The brothers continued to work in partnership following the sales and invested more than 500 million euros in German biotechnology companies. Thomas told Germany's Manager Magazin in 2008 that he and his brother were planning to create something similar to Hexal.

In the same year, the brothers gave 200 million euros ($220 million) to establish neuroscience research group, the Ernst Strungmann Institute. It's fully-funded by the pair and named after their father.

Both brothers live near Munich.

Milestones
  • 1950 Identical twins Andreas and Thomas Strungmann are born.
  • 1969 Ernst Strungmann enters the generic drug business.
  • 1979 Joins family business alongside father Ernst.
  • 1986 Ernst sells his company to rival Cyanamid Lederle.
  • 2005 Ernst Strungmann dies.
  • 2005 Raises 5.7 billion euros from Hexal and Eon Labs sales.
  • 2008 Thomas and Andreas establish Ernst Strungmann Institute.
  • 2008 Plans to invest 500 million euros in German biotech companies.