Bernard Sherman
Encyclopedia
Bernard C. Sherman Chairman and CEO of Apotex Inc., is a Canadian
businessman. With an estimated net worth of $US 2.9 billion (as of March 2011), Sherman was ranked by Forbes
as the 9th wealthiest Canadian and 393rd in the world.
's Engineering Science program at age 16 and was the youngest to do so. He also graduated from Engineering Science with the highest honours in his class and received the university's Governor General's Award for his thesis. He then received a Doctoral degree
from MIT. He is Jewish and has donated a recorded amount of 50 million dollars to the United Jewish Appeal
. He is well-known throughout Toronto
for his considerable charitable donations, having built a major addition to the geriatric Baycrest Centre, and to other Toronto-area community centers and hospitals. He is married to Honey Sherman, and they have four children.
While at Toronto's Forest Hill Collegiate and completing his university education at University of Toronto, Barry often worked for his uncle Louis Lloyd Winter
, at his pharmaceutical company, Empire Laboratories
. Empire was the largest Canadian wholly owned pharmaceutical company at that time, and a pioneer in the generic drug industry (Parke Davis v. Empire Laboratories [1963], 41 C.P.R. 121; Parke, Davis & Co. v. Empire Laboratories Ltd., [1964] S.C.R. 351). When his uncle would travel, Barry often helped watch over the operations. Empire provided Sherman with the training and foundation for his development of Apotex Inc., one of Canada's leading generic pharmaceutical companies.
In the summer of 1967, directly after completing his Ph.D. in astrophysics
at MIT, Barry Sherman pursued and successfully purchased the Empire Group of Companies from the executor of Louis and Beverley Winter's estate, as both his aunt Beverley Winter and uncle Louis Winter had died seventeen days apart in November 1965, leaving four orphaned young children: Paul Timothy, Jeffrey Andrew, Kerry Joel Dexter, and Dana Charles. Prior to the purchase, Empire was the first to successfully secure the compulsory rights to manufacture Hoffman-La Roche's highly profitable Valium (diazepam
), and was one of Canada's largest manufacturers of Pfizer
's Vibramycin (tetracycline), Upjohn Company's Orinase (tolbutamide
), and the leading dietary sweetener Saccharin
. To facilitate the corporate acquisition, Barry along with his high school friend, Joel Ulster (Sherman and Ulster Limited), offered five percent equity options to each of the four children and a fifteen year royalty on four of its patented products (Globe and Mail, November 24, 2007). Litigation is currently before the courts concerning the purchase of the corporate assets and brands from the Winter children's estate, as Sherman and his partner never paid the royalties nor provided the promised equity in the businesses.
Barry Sherman realized that the major market for his generic business's future growth lay in the United States. In 1970 he invested in New York's Barr Laboratories with US-based partners, and he became its largest shareholder and served as Barr's president. Barry has been selling off his Barr shares recently, and as of 2000, he controlled about 33% Barr Laboratories' stock. Barr made headlines and massive share growth when it won the first rights to manufacture generic versions of Eli Lilly
's Prozac
. Today, Barr Laboratories' is a division of Barr Pharmaceuticals, Inc., and its head office is in Montvale, New Jersey, and it is publicly traded on the NYSE using the symbol BRL. In 2004, the Company ranked sixth among the world's top ten independent companies in the $11 billion generic pharmaceutical business. Barr is Wal-Mart
's leading pharmaceutical supplier according to Forbes, and its annual 2007 sales exceeded $2.5 billion US.
In January 1972, Sherman and Ulster Limited sold Empire Laboratories to the Quebec-based Canadian operations of publicly traded International Chemical and Nuclear (ICN
) of California, for 57,000 shares (Valeant Pharmaceuticals). In 1973, Barry Sherman started Apotex with only a few key former Empire Laboratories' personnel and he incorporated it in 1974. This privately owned and Sherman controlled company is today in the top 15 of the world's largest generic pharmaceuticals with its head office in Toronto; it is Canada's largest Canadian-owned pharmaceutical.
On July 18, 2008, Teva Pharmaceutical Industries
Ltd. (Nasdaq: TEVA), one of the world's largest pharmaceutical companies, announced its proposed acquisition of Barr Pharmaceuticals, Inc. for a total consideration of $7.46 billion US plus the assumption of net debt of approximately $1.5 billion. Teva Pharmaceutical confirmed on December 8, 2008 that it has secured the required financing to complete the transaction.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
businessman. With an estimated net worth of $US 2.9 billion (as of March 2011), Sherman was ranked by Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
as the 9th wealthiest Canadian and 393rd in the world.
Business experience
Barry Sherman entered the University of TorontoUniversity of Toronto
The University of Toronto is a public research university in Toronto, Ontario, Canada, situated on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada...
's Engineering Science program at age 16 and was the youngest to do so. He also graduated from Engineering Science with the highest honours in his class and received the university's Governor General's Award for his thesis. He then received a Doctoral degree
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
from MIT. He is Jewish and has donated a recorded amount of 50 million dollars to the United Jewish Appeal
United Jewish Appeal
The United Jewish Appeal was a Jewish philanthropic umbrella organization that existed from its creation in 1949 until it was folded into the United Jewish Communities, which was formed from the 1999 merger of United Jewish Appeal , Council of Jewish Federations and United Israel Appeal, Inc.In...
. He is well-known throughout Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
for his considerable charitable donations, having built a major addition to the geriatric Baycrest Centre, and to other Toronto-area community centers and hospitals. He is married to Honey Sherman, and they have four children.
While at Toronto's Forest Hill Collegiate and completing his university education at University of Toronto, Barry often worked for his uncle Louis Lloyd Winter
Louis Lloyd Winter
Louis Lloyd Winter was a Canadian businessman and a pioneer of the generic drug industry in Canada. He was born on St. Patrick's Day in Toronto, Ontario, Canada in 1924, but by the time of his sudden death of a suspected aneurysm on November 5, 1965, he had built Empire Laboratories into the...
, at his pharmaceutical company, Empire Laboratories
Empire Laboratories
Empire Laboratories was founded by Louis Lloyd Winter in Toronto, Ontario, and it was the first Canadian generic pharmaceutical company that was legally permitted to keep its pill and product presentation exactly like its brand name counterparts to prevent consumers from becoming confused when...
. Empire was the largest Canadian wholly owned pharmaceutical company at that time, and a pioneer in the generic drug industry (Parke Davis v. Empire Laboratories [1963], 41 C.P.R. 121; Parke, Davis & Co. v. Empire Laboratories Ltd., [1964] S.C.R. 351). When his uncle would travel, Barry often helped watch over the operations. Empire provided Sherman with the training and foundation for his development of Apotex Inc., one of Canada's leading generic pharmaceutical companies.
In the summer of 1967, directly after completing his Ph.D. in astrophysics
Astrophysics
Astrophysics is the branch of astronomy that deals with the physics of the universe, including the physical properties of celestial objects, as well as their interactions and behavior...
at MIT, Barry Sherman pursued and successfully purchased the Empire Group of Companies from the executor of Louis and Beverley Winter's estate, as both his aunt Beverley Winter and uncle Louis Winter had died seventeen days apart in November 1965, leaving four orphaned young children: Paul Timothy, Jeffrey Andrew, Kerry Joel Dexter, and Dana Charles. Prior to the purchase, Empire was the first to successfully secure the compulsory rights to manufacture Hoffman-La Roche's highly profitable Valium (diazepam
Diazepam
Diazepam , first marketed as Valium by Hoffmann-La Roche is a benzodiazepine drug. Diazepam is also marketed in Australia as Antenex. It is commonly used for treating anxiety, insomnia, seizures including status epilepticus, muscle spasms , restless legs syndrome, alcohol withdrawal,...
), and was one of Canada's largest manufacturers of Pfizer
Pfizer
Pfizer, Inc. is an American multinational pharmaceutical corporation. The company is based in New York City, New York with its research headquarters in Groton, Connecticut, United States...
's Vibramycin (tetracycline), Upjohn Company's Orinase (tolbutamide
Tolbutamide
Tolbutamide is a first generation potassium channel blocker, sulfonylurea oral hypoglycemic drug sold under the brand name Orinase. This drug may be used in the management of type II diabetes if diet alone is not effective. Tolbutamide stimulates the secretion of insulin by the pancreas...
), and the leading dietary sweetener Saccharin
Saccharin
Saccharin is an artificial sweetener. The basic substance, benzoic sulfilimine, has effectively no food energy and is much sweeter than sucrose, but has a bitter or metallic aftertaste, especially at high concentrations...
. To facilitate the corporate acquisition, Barry along with his high school friend, Joel Ulster (Sherman and Ulster Limited), offered five percent equity options to each of the four children and a fifteen year royalty on four of its patented products (Globe and Mail, November 24, 2007). Litigation is currently before the courts concerning the purchase of the corporate assets and brands from the Winter children's estate, as Sherman and his partner never paid the royalties nor provided the promised equity in the businesses.
Barry Sherman realized that the major market for his generic business's future growth lay in the United States. In 1970 he invested in New York's Barr Laboratories with US-based partners, and he became its largest shareholder and served as Barr's president. Barry has been selling off his Barr shares recently, and as of 2000, he controlled about 33% Barr Laboratories' stock. Barr made headlines and massive share growth when it won the first rights to manufacture generic versions of Eli Lilly
Eli Lilly and Company
Eli Lilly and Company is a global pharmaceutical company. Eli Lilly's global headquarters is located in Indianapolis, Indiana, in the United States...
's Prozac
Fluoxetine
Fluoxetine is an antidepressant of the selective serotonin reuptake inhibitor class. It is manufactured and marketed by Eli Lilly and Company...
. Today, Barr Laboratories' is a division of Barr Pharmaceuticals, Inc., and its head office is in Montvale, New Jersey, and it is publicly traded on the NYSE using the symbol BRL. In 2004, the Company ranked sixth among the world's top ten independent companies in the $11 billion generic pharmaceutical business. Barr is Wal-Mart
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
's leading pharmaceutical supplier according to Forbes, and its annual 2007 sales exceeded $2.5 billion US.
In January 1972, Sherman and Ulster Limited sold Empire Laboratories to the Quebec-based Canadian operations of publicly traded International Chemical and Nuclear (ICN
ICN
ICN is a three letter abbreviation that may refer to:* IATA Code for Incheon International Airport near Seoul, South Korea*Educational institutes:** ICN Business School, French graduate business school in Nancy....
) of California, for 57,000 shares (Valeant Pharmaceuticals). In 1973, Barry Sherman started Apotex with only a few key former Empire Laboratories' personnel and he incorporated it in 1974. This privately owned and Sherman controlled company is today in the top 15 of the world's largest generic pharmaceuticals with its head office in Toronto; it is Canada's largest Canadian-owned pharmaceutical.
On July 18, 2008, Teva Pharmaceutical Industries
Teva Pharmaceutical Industries
Teva Pharmaceutical Industries Ltd. , is an international pharmaceutical company headquartered in Petah Tikva, Israel. It specializes in generic and proprietary pharmaceuticals and active pharmaceutical ingredients...
Ltd. (Nasdaq: TEVA), one of the world's largest pharmaceutical companies, announced its proposed acquisition of Barr Pharmaceuticals, Inc. for a total consideration of $7.46 billion US plus the assumption of net debt of approximately $1.5 billion. Teva Pharmaceutical confirmed on December 8, 2008 that it has secured the required financing to complete the transaction.