Billionaire founder of Apotex and his wife found dead in their Toronto home

*Updated, Monday, Dec. 18, 11:00am (More details likely to come)Toronto - Homicide detectives have now taken over the investigation into the deaths of Barry and Honey Sherman.Barry, the founder of the Canadian pharmaceutical giant Apotex, and his wife, Honey, were found dead in their home on Friday and police had ruled their deaths suspicious.Autopsies were performed on Saturday and police announced Sunday night that the official cause of death was "ligature neck compression," meaning strangulation, according to CBC News.Police haven't said much more about the investigation but some news outlets have quoted police sources, saying the case is being investigated as a murder-suicide. The Sherman family has since issued a statement calling such speculation inappropriate."Our parents shared an enthusiasm for life and commitment to their family and community totally inconsistent with the rumours regrettably circulated in the media as to the circumstances surrounding their deaths," the statement said. "We are shocked and think it's irresponsible that police sources have reportedly advised the media of a theory which neither their family, their friends nor their colleagues believe to be true."Apotex described their deaths as shocking and tragic, while other statements praised the Shermans' numerous philanthropic efforts.Prime Minister Justin Trudeau and his wife Sophie Gregoire Trudeau were among those to offer a tribute to the couple through social media."Sophie and I are saddened by news of the sudden passing of Barry and Honey Sherman,'' Trudeau said in a tweet. "Our condolences to their family & friends, and to everyone touched by their vision & spirit.''Police were called to the Shermans' home in an upscale neighbourhood of north Toronto just before noon on Friday in response to a "medical complaint.''They declined to say whether the bodies showed signs of trauma and did not initially provide details on the time or cause of death. They previously indicated that there were no signs of forced entry into the home and that they were not seeking any suspects.Barry Sherman founded Toronto-based Apotex Inc. in 1974 with two employees and gradually turned it into the largest Canadian-owned pharmaceutical company.Along the way he amassed a vast fortune, recently estimated by Canadian Business magazine at $4.77 billion, making him the 15th richest person in the country.Sherman faced legal action from family members alleging they had been cut out of the company over the years.As a producer of more than 300 generic pharmaceutical products, Apotex has itself seen a fair number of litigation issues, as companies have pushed back on its efforts to sell cheaper no-name options.One of the most high-profile of those clashes occurred when pharma giant Bristol-Myers Squibb sued Apotex in 2006 to try and stop it from selling the first generic form of the heart-disease treatment Plavix.Today, the company has more than 10,000 people in research, development, manufacturing and distribution facilities world-wide, with more than 6,000 employees at its Canadian operations. Those include manufacturing and research facilities concentrated in the Toronto area as well as in Winnipeg.Filling more than 89 million prescriptions in a year and exporting to 115 countries, the privately held company says its worldwide sales exceed $2 billion a year.Apotex released a statement on Saturday paying tribute to its founder, praising both his philanthropic efforts and what it described as his vision for health care."Dr. Sherman gave his life to the singular purpose of our organization—innovating for patient affordability. Patients around the world live healthier and more fulfilled lives thanks to his life's work, and his significant impact on healthcare and healthcare sustainability will have an enduring impact for many years to come,'' the statement read. "As employees, we are proud of his tremendous accomplishments, honored to have known him, and vow to carry on with the Apotex purpose in his honor.''Sherman's wife, Honey, was a member of the board of the Baycrest Foundation and the York University Foundation. She also served on the boards of Mount Sinai's Women's Auxiliary, the Simon Wiesenthal Center and the International American Joint Distribution Committee.The Shermans were among Canada's most generous philanthropists and also organized funding of charitable causes through the Apotex Foundation. The couple made numerous multimillion-dollar donations to hospitals, schools and charities and had buildings named in their honour.A University of Toronto website lists the Apotex Foundation and the Shermans as donors in the range of $10 million to $25 million during 1995 and 2003.They also donated roughly $50 million to the United Jewish Appeal.In a statement on the Jewish Foundation of Greater Toronto's website, the Shermans expressed their particular "obligation'' to support the Jewish community."We are fortunate in being able to contribute,'' the couple is quoted as saying. "You can't take it with you, so the best alternative is to put it to good use while you are here.''The chair of the Sinai Health System's board said the Shermans' deaths was a big loss."Their visible leadership on our hospital and foundation board of directors was infused with warmth, passion and a fierce intelligence,'' Brent Belzberg said in a statement. "Their loss will be felt by our organization, our community, and our country.''Apotex called news of the deaths "tragic.''"All of us at Apotex are deeply shocked and saddened by this news and our thoughts and prayers are with the family at this time,'' the company said in a statement.The address where the bodies were found was recently listed for sale for $6.9 million. Neighbours confirmed that the property was the couple's home.

Billionaire founder of Apotex and his wife found dead in their Toronto home

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