Barry Sherman

Barry Sherman
Born	Bernard Charles Sherman (1942-02-25) 25 February 1942 Toronto, Canada
Died	13 December 2017(2017-12-13) (aged 75) Toronto, Canada
Occupation(s)	Entrepreneur, philanthropist
Known for	Founder, chairman and CEO of Apotex Inc.

Bernard Charles "Barry" Sherman (February 25, 1942 – December 13, 2017) was a prominent Canadian entrepreneur and philanthropist, serving as chairman and CEO of Apotex Inc.. At the time of his passing, Forbes estimated his net worth at US$3.2 billion, ranking him as the 12th richest individual in Canada. Meanwhile, Canadian Business assessed his wealth at CA$4.77 billion, placing him 15th among Canada’s wealthiest.

Sherman, an alumnus of the University of Toronto with a doctorate in engineering from the Massachusetts Institute of Technology, began his career in pharmaceuticals during the 1960s when his uncle Louis Lloyd Winter’s estate appointed him to manage Empire Laboratories. This experience paved the way for Sherman to establish Apotex, where he became known for his assertive business tactics and frequent legal disputes. Four cousins entitled to five-percent shares in Empire unsuccessfully challenged Sherman over its sale.

In 1971, Sherman wed Honey, who later became a significant figure in Canadian philanthropy through her involvement on multiple charitable boards. The couple was discovered deceased at their Toronto residence in late 2017. Early police inquiries considered murder-suicide, a conclusion that faced widespread skepticism. By April 2019, investigators announced having developed a "working theory" and "idea of what happened," with the case still active as of May 2022.

Early life

Barry Sherman was born into a Jewish family in Toronto to Herbert Dick "Hyman" Sherman, a partner in a zipper manufacturing business, and Sara "Sarah" Sherman, who worked as an occupational therapist after her husband's passing. His grandparents had escaped persecution in Russia and Poland. Sherman lost his father to a heart attack at age ten.

Academically gifted, he won a national physics competition while attending Forest Hill Collegiate Institute and graduated with top honors. At just 16 years old in 1958, he enrolled in the University of Toronto’s Engineering Science program—one of the youngest admits—selecting it for its challenging curriculum.

During summer breaks, Sherman gained practical experience working for his uncle Louis Lloyd Winter at Empire Laboratories, then Canada’s largest fully owned pharmaceutical firm. He started as a driver collecting samples and later assisted with operations during his uncle’s absences.

Sherman completed his undergraduate degree at U of T in 1964 with highest honors and earned the Governor General's Award for his thesis. He went on to receive a PhD in astrophysics from the Massachusetts Institute of Technology in 1967.

Career

Sherman’s entrepreneurial spirit emerged early; at age ten he was already involved in his family’s zipper factory located in downtown Toronto, where he demonstrated remarkable operational skills.

After earning his PhD in 1967, Sherman purchased Empire Laboratories from the estate of Louis Lloyd Winter and his wife, who had died in 1965 leaving behind four young children. Empire was a major Canadian producer holding compulsory licenses for Hoffmann-La Roche's Valium and manufacturing Pfizer’s Vibramycin, Upjohn’s Orinase, and saccharin. The sale contract permitted the Winter children to work at Empire upon reaching 21 years old and included options for minority ownership stakes plus royalties on patented products; however, these rights would be nullified if Sherman sold the company.

In 1969, Sherman gained control over Empire by executing a share exchange with its largest client. By 1970, he had invested in Barr Laboratories based in the United States, becoming its largest shareholder and president while owning about one-third of its shares. Barr secured early rights to produce generic versions of Eli Lilly’s Prozac before being acquired by Teva Pharmaceutical Industries—the world’s leading generic drug manufacturer—in 2008.

In January 1972, Sherman sold Empire to International Chemical and Nuclear Corporation (ICN)’s Canadian division for 57,000 shares that later became part of Valeant Pharmaceuticals; this transaction voided his previous agreement with the Winter estate. The following year, he established Apotex with former Empire staff; incorporated in 1974, Apotex expanded to become Canada’s largest domestic pharmaceutical manufacturer. Sherman also ventured into nutraceuticals by founding the National Institute of Nutrition (NION), which he later sold to Schiff before concentrating on Apotex.

By 2016, Apotex employed more than 10,000 individuals worldwide, offered over 260 products across 115 countries, and generated annual revenues near $1.5 billion.

Other ventures

Sherman also made personal investments outside the pharmaceutical industry, many of which had dubious potential and some were even fraudulent. For example, he financed a yacht rental business that functioned as a shell corporation without owning any vessels. He later took majority ownership in a company distributing a nutritional supplement promoted by the convicted fraudster Kevin Trudeau. In 1996, during US regulatory investigations that eventually led to Trudeau’s incarceration, Sherman sold half of his shares to the Apotex Foundation. Observers noted that Sherman’s trusting nature sometimes led him to overlook necessary due diligence in these financial engagements.

Over a span of fifteen years, Sherman collaborated with Frank D'Angelo, a fruit juice entrepreneur branching into diverse industries. Together, they introduced the Cheetah Power Surge energy drink and established Steelback Brewery; however, when D’Angelo Brands declared bankruptcy in 2007, Sherman incurred losses amounting to C$100 million. Despite D’Angelo’s legal difficulties in 2009, Sherman continued to fund his cinematic projects, underwriting all eight films produced up until 2018.

In the late 2010s, Sherman partnered with Shaun Rootenberg, who was introduced by Cineplex Odeon co-founder Myron Gottlieb. Rootenberg, previously convicted for fraud connected to Livent, convinced Sherman to invest in developing an online trivia game; Sherman subsequently filed a lawsuit against Rootenberg for allegedly misusing the invested funds.

Personal life

Sherman wed Honey Reich in 1971, a University of Toronto alumna of Austrian descent and daughter of Holocaust survivors. The couple had four children: one son, Jonathon, and three daughters: Lauren, Alexandra, and Kaelen.

While Honey was socially outgoing, Sherman was recognized as a workaholic who predominantly steered conversations toward business matters. During winter weekends, the family often visited a ski club; Honey and their children enjoyed skiing while Sherman preferred to remain indoors focusing on paperwork. He did not participate in golf and spent holidays reviewing business documents.

Despite his considerable wealth, Sherman drove vehicles until they were extensively worn; he once refused a red sports car gifted by Honey for his 50th birthday, asking her to return it.

Philanthropy

Sherman and his wife contributed a record-setting $50 million to the United Jewish Appeal and other Jewish organizations, although Sherman identified as an atheist. They financed a significant expansion at the Baycrest Health Sciences geriatric facility and supported numerous community centers throughout Toronto. The couple were also prominent benefactors of the United Way. Since 2007, the Apotex Foundation has donated over $50 million worth of pharmaceuticals to disaster-stricken areas. Sherman frequently provided personal loans to Apotex employees facing financial hardship.

Following his passing, Maclean's disclosed that Sherman made substantial donations through his companies to foundations under his control, enabling him to claim Canadian tax credits. These foundations then lent back nearly the entire $6 million he contributed—an unusually high proportion. A charity watchdog criticized this practice as "treating his foundations like a piggy bank," calling for reforms in Canadian tax legislation.

Reputation and personality

Sherman's reputation was complex and multifaceted, with the National Post characterizing it as "Two Legacies." Toronto Mayor John Tory commended Sherman and his spouse as "kind, good people," emphasizing their charitable contributions. In contrast, physician and former Ontario legislator Morton Shulman offered severe criticism, while certain competitors in the generic pharmaceutical sector expressed their disapproval of Sherman using language deemed inappropriate for publication.

Law professor Amir Attaran from the University of Ottawa strongly denounced Sherman's commercial conduct, accusing him of exploiting Canadians through excessive generic drug pricing and engaging in aggressive patent litigation tactics—at times contesting nearly 100 patents simultaneously—with minimal benefits for consumers. Sherman defended Apotex as a positive influence, remarking, "If we're thieves, we're Robin Hoods."

Jeffrey Robinson's 2001 work Prescription Games includes Sherman's admission regarding conflicts with brand-name pharmaceutical firms: "The branded drug companies hate us... The thought once came to my mind: why didn't they just hire someone to knock me off?" It was reported that private investigators linked to Bayer AG contemplated planting illicit substances in Sherman's vehicle during their efforts to investigate alleged patent violations by Apotex.

Litigation

Compared to other Canadian firms, Apotex pursued legal action more frequently, often initiating lawsuits against government bodies following unfavorable regulatory rulings. By the time of Barry Sherman's passing, Apotex had launched approximately 1,200 cases in Federal Court, with Health Canada officials highlighting the substantial legal expenses borne by taxpayers. Sherman reportedly perceived Apotex primarily as a legal entity that happened to distribute pharmaceuticals on the side. One lengthy dispute concerned Apotex’s generic version of the antidepressant Trazodone, which spanned three decades before the Federal Court of Appeal determined that governmental authorities had mishandled the matter.

In reaction to patent term extensions that restricted generic drug profitability during the 1990s, Apotex ventured into developing branded medications, such as deferiprone, aimed at treating thalassemia. Clinical trials overseen by Dr. Nancy Olivieri raised safety issues, prompting her to break confidentiality agreements and disclose findings publicly. Apotex responded with litigation and efforts to damage her reputation; meanwhile, the University of Toronto aligned with Apotex following a $20 million donation threat and removed Olivieri from her research position. After prolonged legal battles, she was eventually reinstated. This episode served as inspiration for John le Carré’s novel The Constant Gardener.

In 2011, Sherman’s cousins filed suit against him, alleging unpaid royalties and equity connected to the 1972 sale of Empire Laboratories and demanding either a 20% ownership stake in Apotex or $1 billion in damages. Sherman retaliated by withdrawing financial support, which the cousins claimed was intended to keep them dependent and obscure their entitlements—an accusation Sherman denied. An Ontario Superior Court dismissed their claim in 2017 as mere "wishful thinking," with no subsequent appeal filed before Sherman's death.

Dissatisfied with their North York residence completed in 1996, Sherman and his wife initiated twelve lawsuits against contractors over defects affecting structures such as their garage—which included a tennis court and swimming pool. Ultimately, they recovered nearly the entire $2.3 million construction expense through favorable court rulings.

During litigation with his cousins, Sherman submitted a draft of his unpublished memoir titled Legacy of Thoughts, which contained his reflections on philosophy, Canadian politics, and pharmaceuticals. Known for his atheistic beliefs and skepticism toward concepts like free will and morality, Sherman expressed that he intellectually found life devoid of meaning but remained intensely driven to achieve success.

Sherman was also targeted by the Canadian Jewish Defense League—a group listed on the FBI's terrorist watchlist—and faced legal actions from Israel’s largest generic drug manufacturer, Teva Pharmaceutical Industries.

Lobbying

Sherman was recognized for his assertive lobbying activities. When Prime Minister Brian Mulroney's administration extended patent protections favoring brand-name pharmaceutical companies, Sherman condemned the policy as detrimental to smaller generic manufacturers. He threw his support behind Jean Chrétien and the Liberal Party, who pledged to reassess the legislation if elected in 1993. Although he contributed millions to the University of Toronto for a research institute, he later withdrew these funds when the university's opposition letters failed to overturn the regulations.

In 2006, Sherman endorsed Joe Volpe's campaign for Liberal leadership, with Apotex executives collectively donating $108,000—the maximum allowed per individual. The donations sparked controversy when some contributions came from executives’ minor children; however, Elections Canada determined no laws had been broken.

At the time of his passing, Sherman was a registered lobbyist under investigation for a 2015 fundraiser held on behalf of Justin Trudeau, which allegedly breached lobbying regulations. In May 2016, he initiated legal action seeking to stop the probe—an unprecedented step in Canadian law. Phil McIntosh, head of investigations at the Office of the Lobby Commissioner, indicated there was evidence Sherman violated the Lobbyists' Code of Conduct by organizing the event; confirmed infractions could have led to a five-year ban on lobbying activities.

Move

In 2017, the Shermans sold their long-held residence in North York to construct a new home in Forest Hill, positioning themselves closer to downtown Toronto and their social network. Honey Sherman acquired a corner lot in November 2016 with plans to demolish the existing structure. City approvals granted in June 2017 allowed construction of a residence featuring a central swimming pool with a retractable skylight and dedicated staff quarters. The project required fifteen zoning variances, including a depth exceeding city limits by more than double and installation of a garage car stacker.

Later that year, construction commenced alongside Sherman’s legal efforts to reclaim fees from the Winters lawsuit. Their North York property was listed for nearly $7 million in November prior to starting work on the Forest Hill site. On December 12, Honey unexpectedly missed a Baycrest Centre Foundation board meeting without prior notice, citing she was "dealing with some stuff."

Death

On December 13, 2017, Barry and Honey Sherman convened in Barry’s office at Apotex headquarters to review design modifications for their new home. Honey was preparing for an imminent vacation to Miami, with Barry scheduled to join her a week later. This marked the last occasion they were seen alive. That evening, Barry sent a routine email to Apotex employees regarding a drug development update but did not make any phone calls—a departure from his usual pattern given frequent insomnia. He also did not appear at Apotex on December 14, which was uncharacteristic.

On December 15, cleaning personnel entered the house using a newly installed lockbox ahead of real estate agents arriving with prospective buyers. While touring the property, agents discovered Barry and Honey’s bodies beside the basement lap pool and hot tub. Both had leather belts tied around their necks secured to a metal railing approximately one meter high. Barry was seated cross-legged on the pool deck; Honey lay on her side with a bruise visible on her face. Coats were draped over their shoulders binding their arms; both were fully dressed and positioned facing away from the water.

On the second anniversary of the case, the Toronto Star reported that the victims’ body postures closely mirrored two 1970s "junk" sculptures depicting seated human figures found in the basement. Barry’s right leg crossed over his left resembled one sculpture’s pose, though Honey’s leg arrangement differed.

The Star also highlighted that Honey’s cellphone was discovered in an unused bathroom, implying she might have attempted to call for assistance before being overpowered. Barry’s gloves and house inspection documents were found near the garage door leading toward the basement pool area. An open window ventilated a freshly painted room, and an unlocked basement door reflected typical Shermans’ habits. Police suggested that someone familiar with the home’s layout may have exited through an adjacent backyard following the incident.

Investigation

Authorities were notified, and the fatalities were classified as "suspicious," with the Toronto Police Service Homicide Squad taking charge due to their specialization in unexpected sudden deaths. Autopsies revealed that both individuals died from "ligature neck compression," a type of strangulation caused by binding.

The Toronto Police indicated there were no indications of forced entry and initially did not pursue suspects. While no note was discovered, law enforcement sources proposed a potential murder–suicide scenario, highlighting facial injuries on Honey Sherman but none on Barry Sherman. Conversely, anonymous informants pointed out multiple entry points to the residence and suggested the couple may have admitted someone seeking assistance. The Sherman family demanded a comprehensive criminal inquiry and condemned police disclosures regarding the murder-suicide hypothesis. They engaged attorney Brian Greenspan and retained private investigators, including retired homicide detective Tom Klett and forensic pathologist Dr. David Chiasson, who determined the deaths were homicides.

In January 2018, private investigators reported that the couple had been strangled using belts after their hands were bound. Toronto Police continued to classify the case as "suspicious" but later confirmed it was a deliberate double homicide. Authorities planned to interview all individuals with access to the home via a lockbox previously installed by a realtor. The investigation encountered obstacles at Apotex headquarters due to legal issues concerning search and seizure procedures.

By September 2018, detectives had secured numerous search warrants—totaling 37 by October—and persisted with systematic examination of evidence and investigative leads. The family offered a $10 million reward for information leading to an arrest and criticized law enforcement for neglecting to gather critical evidence. Police Chief Mark Saunders reported that over 50 officers were involved, having interviewed 200 witnesses and reviewed more than 2,000 hours of surveillance footage. He expressed openness to collaborating with independent experts if approved by the court.

On April 25, 2019, police announced they had developed a "working theory" and a clearer "understanding of events." The family's private investigators concluded their inquiry at the end of 2019. In January 2020, police adjusted their timeline, indicating the murders occurred within hours after the couple returned home on December 13, rather than on December 15 as initially believed.

As of April 2022, Toronto Police described the case as "unfortunately old," remaining under active investigation without any charges filed. They sought court orders to seal case documents in order to safeguard the investigation's integrity. In December 2022, the Shermans' son increased the reward for information resulting in an arrest to $35 million.

Motives and suspects

Speculation regarding those responsible for the murders has centered on Sherman's numerous business contacts with criminal histories and individuals aggrieved by his conduct. Sherman himself acknowledged potential risks, stating in a late-1990s interview that "for a thousand bucks paid to the right person, you can probably get someone killed," expressing surprise that such an event had not yet occurred.

At that time, Sherman had secured a judgment requiring the Winters to pay him $300,000 in legal fees from a dismissed lawsuit. Kerry Winter, Sherman's cousin and construction supervisor, admitted having motive and opportunity but denied involvement, claiming he was watching Peaky Blinders and attending a Cocaine Anonymous meeting on the night of the murders. Winter also alleged Barry once sought someone to kill Honey Sherman—a claim disputed by Sherman's children.

Two weeks prior to the murders, Barry requested his son Jonathon repay tens of millions borrowed for Jonathon's storage enterprise, explaining it was intended to assist Barry through financial difficulties. Nevertheless, court records released in January 2022 revealed Barry owed $1 billion to other entities with no intention of repayment. The Shermans' estate remains involved in ongoing murder investigations.

Frank D'Angelo has been named as a potential suspect due to his complex history with Sherman and related legal disputes. D'Angelo expressed sorrow over Sherman's death, implying someone made Barry "an offer he couldn't refuse," which Barry declined.

In November 2020, Toronto police identified a 'person of interest,' later clarifying this could encompass multiple individuals. In December 2021, authorities released surveillance footage depicting an individual dressed in dark clothing near the crime scene at the time of the murders; this person has been classified as a suspect.

Court documents from January 2022 included statements from Honey Sherman's sister, Mary Shechtman, who suggested that the murders were intended as "a statement," potentially motivated by religious factors. Shechtman highlighted the Shermans' strong support for Israel and Honey’s outspoken Jewish identity. She further noted that six months before their deaths, Honey attended a lecture focused on preventing funds from reaching Muslim fundamentalists—a cause she believed Barry supported financially.

Legacy

In June 2019, individuals close to Barry Sherman revealed his intention to allocate a significant portion of his wealth either to charitable causes or investments. The trustees managing the Sherman family's estate aimed to maintain privacy regarding the estate's specifics. Although court records in Canada are generally accessible to the public, an Ontario Superior Court judge initially imposed a "protective order" restricting access to these estate documents. Nevertheless, the Toronto Star successfully challenged this restriction, leading to the files being unsealed, a ruling later confirmed by the Supreme Court in June 2021.

In 2020, Alex Krawczyk, daughter of Barry Sherman, established the Honey & Barry Sherman Legacy Foundation to uphold her parents' philanthropic vision. Krawczyk, who is both a registered nurse and philanthropist, also directs the Krawczyk Family Foundation.

The year 2023 saw Crave produce Billionaire Murders, a documentary series exploring the circumstances surrounding the case. Additionally, Jonathon Sherman, son of the Shermans, committed $52 million towards constructing the Honey and Barry Memorial Arena located in Vaughan, Ontario. This venue will include two NHL-regulation hockey rinks along with facilities intended to serve the Toronto Jewish community.

The Shermans' former residence was torn down in May 2019. In 2020, a neighboring homeowner acquired the land and later listed it for sale in 2023 at a notable price; subsequently, the property's address was altered.

See also

• List of Canadian Jews
• List of MIT alumni
• List of University of Toronto alumni
• List of unsolved murders