Our authors have often written about politicians, showbiz stars, actors, and media personalities. However, Toronto is also home to many entrepreneurs who have built business empires and launched massive shopping centres. Bernard Sherman is one of them. He was a renowned businessman and philanthropist who served as Chairman and CEO of Apotex. Furthermore, according to Forbes, as of 2017, Sherman was the 12th richest person in Canada. At the time of his death, his net worth was $3.2 billion USD. That is why we decided to tell you more about the success story of this well-known Toronto resident. Read more on the pages of torontoski.info.
Sherman’s Childhood and Youth
The future businessman was born in Toronto. He grew up in a Jewish family; his grandparents fled Jewish persecution from Russia and Poland. When Bernard was ten years old, his father died of a heart attack.
The young man excelled in physics, and in 1958, Bernard Sherman enrolled in the engineering science program at the University of Toronto. Notably, he was just 16 at the time and was one of the youngest students. According to Sherman, he chose this program because it was the most challenging.
It’s worth adding that our fellow Torontonian worked during his summer breaks for his uncle, Louis Lloyd Winter, at Winter’s company, Empire Laboratories. At the time, it was the largest pharmaceutical company in Canada.
In 1964, Bernard Sherman graduated from the institution with the highest honours in his class. He then attended the Massachusetts Institute of Technology, where he earned a Ph.D. in astrophysics in 1967.
The Entrepreneur’s Career
An interest in entrepreneurial activity came to our fellow resident early in life. At the age of 10, his father took Bernard to work at his zipper factory in downtown Toronto. His father gave him several zippers. The young man was tasked with counting and packaging them. Interestingly, Bernard not only handled the task but did it even better than the paid employees who were doing the job for money.
In 1967, Sherman purchased Empire Laboratories. This experience became an important step in his further development as an entrepreneur.
In 1973, Sherman founded the company Apotex, which he officially incorporated a year later, in 1974. Apotex would eventually become one of the world’s largest generic drug manufacturers. The company founded by our fellow Torontonian specialized in the development and production of analogues of well-known medications, such as antidepressants and antibiotics.
Overall, Sherman was known as a tough and effective businessman. He was not afraid of competition and even sued large pharmaceutical companies. The owner of Apotex did this to prevent large companies from maintaining a monopoly on the drug market. It was this aggressive strategy that allowed Apotex to become a leader in the generics industry.
We should add that he constantly invested in research and development of new drugs, which allowed the company to remain competitive in the market. Interestingly, during Sherman’s tenure, Apotex manufactured over 300 types of drugs and operated in more than 120 countries worldwide. A year before the businessman’s death, Apotex employed over 10,000 people. The company’s revenues were about $1.5 billion annually.
The Businessman’s Personal Life
In 1971, our fellow resident married Honey Reich. She was a fellow student of his. Honey was also the daughter of Polish Jews who survived the Holocaust.
It is worth noting that Sherman was a famous workaholic. When his wife and children were vacationing at the ski club, the entrepreneur would stay in the cabin, reviewing documents. This was his idea of “vacationing” not only in the winter but all year round, on all their joint trips and travels.
An interesting fact about Sherman: he drove his cars until they were virtually falling apart. His friends often joked about the entrepreneur. When Bernard turned 50, his wife gave him a red sports car. It was a grand gesture: the car was decorated with a red bow, presented to the birthday celebrant in front of all the guests. However, our fellow Torontonian refused the expensive gift and asked his wife to return the car. Honey complied with her husband’s request.
We should also add that the businessman and his wife were renowned philanthropists. Together, they donated a record $50 million to the United Jewish Appeal and other Jewish charities. They also provided funds for the construction of many community centres in the Toronto area.
Overall, Bernard Sherman and his wife gave vast sums to charity. Furthermore, the businessman personally helped anyone in need within his company.
In 2017, Bernard Sherman and his wife Honey were found dead in their Toronto home. The murder remains unsolved.
This is the life story of the renowned entrepreneur and owner of the pharmaceutical business. We hope you learned more today about this successful Toronto businessman.
And what do you know about Sherman’s philanthropic acts? We look forward to your comments on social media. Your opinion is important to us.