Andreas Strüngmann
Encyclopedia
Andreas Strüngmann was born in Germany and founded generic drug
maker Hexal AG ($1.6 billion sales during 2004) in 1986. It became 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.
He currently has residences in Tegernsee
, Germany, Europe and Russia and is married with two children. At age 56, he accepted an executive position at Sandoz, a generics division of Novartis.
Generic drug
A generic drug is a drug defined as "a drug product that is comparable to brand/reference listed drug product in dosage form, strength, route of administration, quality and performance characteristics, and intended use." It has also been defined as a term referring to any drug marketed under its...
maker Hexal AG ($1.6 billion sales during 2004) in 1986. It became 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
Novartis
Novartis International AG is a multinational pharmaceutical company based in Basel, Switzerland, ranking number three in sales among the world-wide industry...
for $7.5 billion, making Sandoz
Sandoz
Founded in 2003, Sandoz presently is the generic drug subsidiary of Novartis, a multinational pharmaceutical company. The company develops, manufactures and markets generic drugs as well as pharmaceutical and biotechnological active ingredients....
the largest generic-drug company in the world.
He currently has residences in Tegernsee
Tegernsee
Tegernsee is a town in the Miesbach district of Bavaria, Germany. It is located on the shore of Tegernsee lake, at an elevation of 747 m above sea level....
, Germany, Europe and Russia and is married with two children. At age 56, he accepted an executive position at Sandoz, a generics division of Novartis.