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With an estimated net worth of $3 billion, Bernard Sherman, the former Chief Executive Officer and Chairman of Apotex, became one of the richest billionaires in the globe.
After taking his doctorate degree at MIT, Sherman took his mother's savings to purchase his Uncle's drug company which became the foundation of the popular Canadian generic drug company, Apotex. To date, Apotex hires a total of 6,000 experts in 21 facilities. The company actually produces around 300 pharmaceuticals which are exported to 115 countries worldwide. Apotex has always been actively involved in legal battles to produce generic versions of branded drugs. In October, the court announced that Apotex has to pay over $400 million to Sanofi-Aventis for producing and selling of the generic version of Plavix, the world's second largest selling drug which is used for blood thinning.
Earnings & Financial Data
|
Date |
Category |
Description |
Amount |
|---|---|---|---|
|
2018 |
Lawsuit Settlement |
Legal settlement against Kerry Winter, the cousin who has spearheaded an acrimonious, billion-dollar lawsuit against Sherman for well over a decade |
$300,000 |
|
2017 |
Lawsuit Settlement |
Legal settlement involving the recall of the loans he had made to his cousin Kerry Winter, the most aggressive of Lou’s sons |
$8,000,000 |
|
2017 |
Earning Turned Donation |
Barry Sherman's donation of medicine to disaster zones and Jewish organizations that includes the UJA and the Joint Distribution Committee |
$50,000,000 |
|
2016 |
Contract |
A backroom deal to delay selling a version of Bristol-Myers Squibb’s blockbuster anticoagulant Plavix |
$40,000,000 |
|
2002 |
Earning Turned Donation |
Donation to start an endowment with the United Jewish Appeal Federation, the York University research facility, a new wing of the Baycrest Centre and the Jewish Home for the Aged, the expansion of the Bathurst Jewish Community Centre and the U of T faculty of pharmacy, housed in a building carrying the name of a former competitor, Leslie L. Dan of Novopharm |
$93,000,000 |
|
1972 |
Sale of Asset |
Sale of the Empire Laboratories to ICN Pharmaceuticals |
$2,000,000 |
|
1967 |
Asset |
Purchase value of the Empire Laboratories |
$350,000 |