Bernard Sherman
| Bernard Sherman | |
|---|---|
| Born | 1942 Canada |
| Nationality | Canadian |
| Occupation | Chairman and CEO of Apotex |
| Known for | Pharmaceutic industry |
| Net worth |
 US $ 3.7 billion(March 2013) |
| Spouse(s) | married |
| Children | four |
Bernard C. Sherman (born 1942), Chairman and CEO of Apotex Inc., is a Canadian businessman. With an estimated net worth of $US 3.7 billion (as of April 2013), Sherman was ranked by Forbes as the seventh wealthiest Canadian and 363rd in the world.
Sherman entered the University of Toronto'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.
While at Toronto's Forest Hill Collegiate Institute and completing his university education at University of Toronto, Sherman 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. When his uncle would travel, Sherman often helped watch over the operations. Empire provided Sherman with the training and foundation for his development of Apotex Inc., a Canadian generic pharmaceuticals companies.
In the summer of 1967, directly after completing his Ph.D. in astrophysics at MIT, Sherman 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 secure the compulsory rights to manufacture Hoffman-La Roche's Valium (diazepam), and was one of Canada's largest manufacturers of Pfizer's Vibramycin (tetracycline), Upjohn Company's Orinase (tolbutamide), and the dietary sweetener Saccharin. To facilitate the corporate acquisition, Sherman 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. In 2011 the Winter children's estate sued Sherman and Royal Trust concerning the purchase of the corporate assets and brands from the Winter children's estate, alleging in court that Sherman and his partner never paid the royalties nor provided the promised equity in the businesses. As of January 2012 the case was still in court, with the plaintiffs seeking an interest in Apotex or damages of $1 billion.
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