Barry Sherman

Early life and education

Barry Sherman was born into a Jewish family in Toronto. His father, Herbert Dick Sherman, was a partner in a zipper company, and his mother, Sara Sherman, worked as an occupational therapist after her husband's death. Sherman was ten years old when his father died from a heart attack. His grandparents on both sides had fled persecution of Jews in Russia and Poland. Sherman attended Forest Hill Collegiate Institute, where he won a national physics contest and graduated with top marks. He entered the University of Toronto's demanding engineering science program at age 16, one of the youngest students ever admitted to that course of study. During his summers, Sherman worked for his uncle, Louis Lloyd Winter, at Empire Laboratories, Canada's largest wholly owned pharmaceutical company at the time, performing tasks such as driving to collect urine samples for pregnancy tests. Sherman graduated from the University of Toronto in 1964 with the highest honours in his class, receiving the Governor General's Award for his thesis. He then earned a PhD in astrophysics from the Massachusetts Institute of Technology in 1967.

Foundations of a business career

Sherman's interest in business was sparked at a young age. He recalled being taken to his father's zipper factory at age ten and given zippers to count and box. He later wrote that his father was surprised at how efficiently he worked, filling more boxes than any paid staff would have in the same time. After completing his PhD, Sherman purchased a majority stake in Empire Laboratories from the executor of his late uncle's estate in 1967. The agreement with the Winter estate was complex. It allowed Sherman to buy and run Empire on the condition that the four orphaned Winter children could work for the company when they turned 21. They also had the option to buy five percent stakes two years later, with 15-year royalties on four of Empire's patented products. A critical clause stated the agreement would be voided if Sherman sold Empire. This clause was triggered in 1969 when Sherman worked out a deal to swap shares with Empire's largest customer, effectively putting that customer in control of the company.

Building Apotex and pharmaceutical empire

In 1970, Sherman invested in the American generic drug firm Barr Laboratories with US-based partners, becoming its largest shareholder and president. He would eventually control a third of Barr's stock, and the company later won the first rights to manufacture a generic version of Eli Lilly's Prozac. In January 1972, Sherman and Ulster Limited sold Empire to the Quebec-based Canadian operations of International Chemical and Nuclear Corporation for 57,000 shares. This transaction formally voided his arrangement with the Winter estate. A year later, Sherman started Apotex with a few former Empire personnel, incorporating the company in 1974. Apotex grew rapidly as a privately owned, Sherman-controlled entity. By 2016, it employed over 10,000 people as one of Canada's largest drug manufacturers, with over 260 products selling in over 115 countries and annual revenues of about $1.5 billion. Sherman also ventured into nutraceuticals, founding the National Institute of Nutrition with Richard Kashenberg, which he later sold to Schiff.

Other business ventures and losses

Sherman personally invested in numerous non-pharmaceutical ventures, many of which turned out to be fraudulent or financially disastrous. He lost money in a yacht-chartering company that was a shell corporation with no actual yachts. He bought a majority stake in a company selling a nutritional supplement marketed by American fraudster Kevin Trudeau. In 1996, as US regulators began investigating Trudeau, Sherman sold half his stake to the Apotex Foundation. For fifteen years, Sherman partnered with fruit-juice maker Frank D'Angelo, backing ventures like the Cheetah Power Surge energy drink and Steelback Brewery. When D'Angelo Brands went bankrupt in 2007, Sherman lost an estimated $100 million. He continued to finance D'Angelo's filmmaking ventures even after D'Angelo faced criminal charges in 2009, funding all eight films D'Angelo made through 2018. In the late 2010s, Sherman invested in an online trivia game venture with Shaun Rootenberg, a man introduced by mutual friend Myron Gottlieb and later convicted of fraud. Sherman eventually sued Rootenberg, alleging he had simply pocketed the investment. Associates noted Sherman was often too trusting and failed to conduct proper due diligence on these side ventures.

Personal life and character

Sherman married Honey Reich, a fellow University of Toronto graduate and daughter of Polish Jewish Holocaust survivors, in 1971. The couple had four children: Jonathon, Lauren, Alexandra, and Kaelen. Known as a workaholic, Sherman often spent social events and family vacations focused on business documents rather than leisure activities. While the family frequented a ski club, Sherman would remain in the lodge working while his wife and children skied. He was notoriously frugal with personal possessions, driving cars until they were in advanced states of disrepair. A friend worried one of his Ford Mustangs was so decrepit it was leaking carbon monoxide into the passenger compartment. For his 50th birthday, Honey gave him a red sports car in front of guests, but he asked her to return it. Sherman was an atheist who did not believe in God, free will, altruism, or morality, once stating he found no inconsistency in believing life had no meaning while being highly motivated to achieve.

Philanthropy and financial practices

Together, the Shermans were major philanthropists. They donated a record $50 million to the United Jewish Appeal and other Jewish charities. The couple provided funds to build a major addition to the Baycrest Health Sciences geriatric centre and supported other Toronto community centres and the United Way. The Apotex Foundation donated over $50 million worth of medicines to global disaster zones since 2007. Sherman also frequently loaned money to Apotex employees in need. After his death, an investigation by Maclean's revealed Sherman had made large donations to foundations he controlled, claimed equivalent tax credits, and then had the foundations loan almost the total amount back to him. For example, he gave $6 million to his foundations and received loans back for nearly that same amount. The leader of a private charity watchdog group criticized this practice, saying Sherman was using his foundations as a piggy bank and called for legal reform.

Reputation, litigation, and industry conflicts

Barry Sherman cultivated a fiercely combative reputation. He was praised by figures like Toronto Mayor John Tory as a kind and good person, but vilified by others. Physician and former Ontario MPP Morton Shulman called him the only person he ever met with no redeeming features. University of Ottawa professor Amir Attaran accused him of gouging Canadians with high generic drug prices and manipulating the patent system to enrich himself. Sherman saw Apotex as a Robin Hood figure, challenging major pharmaceutical companies. He once acknowledged the hatred from branded drug companies, musing, why didn't they just hire someone to knock me off. Private investigators working for Bayer AG reportedly considered planting illegal drugs in Sherman's car to pressure Apotex employees. Apotex was extraordinarily litigious, filing an estimated 1,200 cases against the federal government. A former Health Canada official said the company used litigation to bully and intimidate regulators, costing taxpayers millions in legal fees. Sherman once told employees Apotex was primarily a legal company that sold medications on the side.

Notable legal battles and disputes

The company's litigation extended beyond regulators. In the 1990s, Apotex developed the drug deferiprone for thalassemia. Trials were overseen by Dr. Nancy Olivieri at The Hospital for Sick Children. By 1998, Olivieri had serious safety concerns and broke a confidentiality agreement to publish her findings. Apotex sued her and attempted to damage her reputation. The University of Toronto, fearing the loss of a $20 million donation for a planned research centre, sided with Apotex and removed Olivieri from her position as head of a research program. She eventually regained her position after years of her own litigation. In 2011, Sherman's cousins, the Winter children, sued him for $1 billion, alleging he used proceeds from the sale of Empire Laboratories to found Apotex without honouring their rights. Sherman responded by withdrawing millions in financial assistance he had been providing them. The cousins alleged this assistance was meant to make them dependent and keep them from learning their rights. An Ontario Superior Court justice dismissed the case in September 2017 as wishful thinking and beyond fanciful. Sherman also sued all the contractors involved in building his North York home, recovering almost the entire $2.3 million cost through favourable judgements.

Political lobbying and influence

Sherman was a vigorous political lobbyist and donor. He strongly opposed the patent law extensions enacted under Prime Minister Brian Mulroney's government, complaining they would destroy smaller generic drugmakers. He began supporting Jean Chrétien and the Liberal Party, who promised to review the law if elected in 1993. Sherman donated millions to the University of Toronto for a research centre but withdrew the contributions when the university's letters opposing the new regulations failed to get them withdrawn. In 2006, he supported Joe Volpe's campaign for Liberal leader. Sherman and other Apotex executives gave $108,000 to the campaign, with each giving the legal maximum of $5,400. Controversy arose when some donations were found to come from the minor children of executives, though Elections Canada ruled no laws were broken. At the time of his death, Sherman, a registered lobbyist, was under investigation by the federal lobbying commissioner for a fundraiser he held for Justin Trudeau in April 2015, allegedly contrary to Canada's lobbying rules.

Deaths and investigation

They had last been seen alive two days prior. Initially, police investigators considered the deaths a possible murder-suicide, a theory that was met with immediate and public dispute from the Sherman family, their friends, and media. The family hired their own private pathologists, whose review suggested a double homicide. After further investigation, Toronto Police Service revised its position in January 2018, officially declaring the deaths a targeted double homicide. In April 2019, police stated they had a working theory of the case and an idea of what happened. As of May 2022, the investigation was described as active and ongoing. In a more recent update, Toronto police indicated they have a person of interest in the case. No suspects have been formally named or charged since the murders occurred. The case remains one of Canada's most high-profile unsolved homicides.

Questions about Barry Sherman

What was Barry Sherman's net worth?

At the time of his death in December 2017, Barry Sherman's net worth was estimated by Forbes to be approximately US$3.2 billion, making him the 12th-wealthiest person in Canada. Another estimate from Canadian Business placed his fortune at CA$4.77 billion, ranking him 15th. A subsequent report at the time of the murders cited an estimated net worth of $3.6 billion. His wealth was derived primarily from his ownership of Apotex Inc., the generic pharmaceutical company he founded and controlled.

How did Barry Sherman make his money?

Barry Sherman built his fortune in the generic pharmaceutical industry. His start came in 1967 when he purchased a majority stake in his late uncle's company, Empire Laboratories. After selling Empire in 1972, he used the proceeds to found Apotex Inc. in 1974. Under his leadership, Apotex grew into Canada's largest domestic drug manufacturer, with global revenues reaching about $1.5 billion annually. He also had significant investments in other companies, including a controlling stake in the American generic firm Barr Laboratories, which was later acquired by Teva Pharmaceutical Industries.

What is the status of the police investigation into the Sherman murders?

The investigation into the deaths of Barry and Honey Sherman remains active and ongoing. Toronto Police Service initially floated a murder-suicide theory but later confirmed the deaths were a targeted double homicide. In April 2019, police said they had a working theory of the case and an idea of what happened. A more recent update indicates that police have a person of interest in the investigation. As of the latest information, no suspects have been publicly named or charged in connection with the murders.

What was Barry Sherman's relationship with his cousins?

Sherman's relationship with his cousins, the four children of his uncle Louis Lloyd Winter, was contentious and defined by litigation. The cousins alleged that Sherman used money from the 1972 sale of Empire Laboratories, which should have provided them royalties and equity, to found Apotex. They sued him for $1 billion or a twenty percent interest in Apotex in 2011. Sherman responded by withdrawing financial assistance he had been providing them. In September 2017, an Ontario Superior Court justice dismissed the cousins' lawsuit as wishful thinking and beyond fanciful. Sherman died a few months later.

Was Barry Sherman involved in politics?

Yes, Barry Sherman was an active political lobbyist and donor. He opposed patent law extensions enacted under Prime Minister Brian Mulroney's government and subsequently supported the Liberal Party and Jean Chrétien. In 2006, he and other Apotex executives donated $108,000 to Joe Volpe's campaign for Liberal leader. At the time of his death, Sherman was under investigation by the federal lobbying commissioner for a fundraiser he hosted for Justin Trudeau in April 2015, which was alleged to have contravened Canada's lobbying rules.

Who inherited Barry Sherman's wealth?

He was survived by his four adult children: Jonathon, Lauren, Alexandra, and Kaelen. As his wife Honey died at the same time, his children are presumed to be the primary beneficiaries of his multibillion dollar fortune. The notes mention he controlled many companies and foundations, which may also have been part of his estate planning.

Sources: Wikipedia and current public reporting, checked by the Yadude Books desk. Last updated 2026-10-22.