Updated:
Athos KG
Andreas and Thomas Strüngmann turned the Hexal exit into a concentrated biotech portfolio anchored by BioNTech, managed through Athos KG in Bavaria.
Athos KG
Athos KG was established in 2006 by twin brothers Andreas and Thomas Strüngmann to manage the proceeds from their sale of Hexal AG, the generics pharmaceutical company they founded in 1986 and built into a business with over €1B in revenue before selling to Novartis. The family office is anchored in Holzkirchen, Bavaria, and reflects the Strüngmanns' deep operational roots in healthcare and life sciences. The firm deploys capital across private equity, venture capital, real estate, and public markets, with a pronounced concentration in biotechnology. Its portfolio ranges from seed-stage therapeutics platforms to control investments in medical-device manufacturing. Confirmed positions include BioNTech, where Athos was the founding institutional investor and remains a major shareholder; WS Audiology, a global hearing-aid manufacturer co-owned with EQT and the Tøpholm and Westermann families; and SHL Medical, a Swiss drug-delivery device maker. The office also co-invests in preclinical biotech ventures — in 2024 it participated in AAVantgarde Bio's Series A financing alongside Atlas Venture, Forbion, and Willett Advisors (per company release, 2024). Geographically, the portfolio spans Germany, Switzerland, the United Kingdom, and the United States. The Strüngmanns have deployed over €10B since 2006, per public record estimates, driven primarily by the appreciation of the BioNTech stake during the COVID-19 pandemic. Helmut Jeggle, the former managing partner, chairs BioNTech's supervisory board and sits on the board of IQM Quantum Computers, reflecting an investment thesis that marries deep science with patient, multi-decade capital. Adjacent structures include the Ernst Strüngmann Institute for Neuroscience in Frankfurt, a research body financed by the family's foundation and operated in cooperation with the Max Planck Society. The office also co-owns the 'Die Macherei' mixed-use development in Munich alongside Art-Invest Real Estate. Athos KG is structurally distinct for its operating-partner model in life sciences: rather than acting as a passive allocator, the family embeds senior executives — Jeggle at BioNTech, Wolfgang Essler at Vanguard AG — directly onto the supervisory boards of portfolio companies. This governance posture allows the firm to hold concentrated, unhedged equity positions through full market cycles without the redemption pressures that constrain fund managers, a direct reflection of the Strüngmanns' conviction that the most durable returns in biotech come from company-building, not trading.
General information
Firm type
Single Family Office
Year founded
2006
AUM
$31B (Altss estimate)
Location
Region
Europe
Country
Germany
City
Holzkirchen
Corporate office
Holzkirchen, Germany
Principals
Andreas Strüngmann
Principal
Thomas Strüngmann
Principal
Helmut Jeggle
General Manager, Athos Service GmbH
Wolfgang Essler
Chief Representative
Sector focus
Frequently asked questions
How did Athos KG originate its BioNTech position?
Andreas and Thomas Strüngmann met Ugur Sahin and Özlem Türeci in the early 2000s and backed their first company, Ganymed Pharmaceuticals, in 2001. When Ganymed was sold to Astellas in 2016, the Strüngmanns committed €150 million in seed capital to the founders' next venture, BioNTech, effectively serving as the company's founding institutional investor. The stake became one of the most valuable single-family office investments in history when BioNTech's market capitalization surged during the COVID-19 pandemic.
Does Athos KG invest exclusively in life sciences?
No. While healthcare and biotechnology are the largest allocation and the family's deepest domain of expertise, Athos KG also invests in real estate, direct private equity, and technology ventures. The real estate portfolio includes the 'Fünf Höfe' commercial complex in Munich and the Villa Kennedy hotel property in Frankfurt. In technology, the office has backed IQM Quantum Computers, a Finnish quantum-computing hardware company.
Who makes investment decisions at Athos KG?
The Strüngmann twins maintain ultimate authority over capital allocation, but day-to-day investment execution is led by a small team of senior executives. Helmut Jeggle, General Manager of Athos Service GmbH, serves as the primary interface with portfolio companies, chairing BioNTech's supervisory board and sitting on IQM's board. Wolfgang Essler represents the family on the supervisory board of Vanguard AG and handles select direct investments.
How does Athos KG source proprietary biotech deal flow?
The Strüngmanns' sourcing advantage is rooted in their multi-decade operating history in German healthcare. Their relationship with BioNTech's founders created a gravitational pull for early-stage German and European biotech founders. The office often co-invests alongside specialist life sciences funds including MIG Capital, Redmile Group, Atlas Venture, and Forbion. The family foundation's relationship with the Max Planck Society further embeds them in Germany's academic research ecosystem.
Is Athos KG a single-family office or does it manage third-party capital?
Athos KG is exclusively a single-family office. It does not manage external capital or operate as a multi-family office. All invested assets belong to Andreas and Thomas Strüngmann and their immediate families.
How is the Strüngmann philanthropy structured relative to the family office?
The family's philanthropic activities are housed in separate foundations — primarily the Ernst Strüngmann Foundation and the Andreas and Susan Struengmann Foundation — that are legally distinct from Athos KG. The Ernst Strüngmann Institute for Neuroscience in Frankfurt is financed by the foundation and cooperates with the Max Planck Society, but its endowment is not part of the family office's investment portfolio.
What investment stages does Athos KG target?
Athos KG invests across the entire company lifecycle, from seed-stage biotechnology platforms through growth equity to buyouts of established medical-technology and pharmaceutical businesses. The firm held BioNTech from seed formation through IPO and beyond. In WS Audiology, it participated in a buyout alongside EQT. This stage-agnostic posture is enabled by permanent, patient family capital with no external redemption pressure.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: