Bernard Charles Sherman[2] (1942 – December 15, 2017), chairman and CEO of Apotex Inc., was a Canadian businessman. With an estimated net worth of US$3.2 billion at the time of his death, Sherman was ranked by Forbes as the 12th wealthiest Canadian.[1]Sherman was born to a Jewish family[3] and entered the University of Toronto's engineering science program at age 16, the youngest to do so.[citation needed] He graduated with the highest honours in his class and received the university's Governor General's Award for his thesis.[citation needed] He then received a PhD from MIT.[citation needed]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 Empire Laboratories, the largest Canadian wholly owned pharmaceutical company at that time.[4] When his uncle would travel, Sherman often helped watch over the operations.[citation needed] Empire provided Sherman with the training and foundation for his development of Apotex Inc., a Canadian generic pharmaceuticals companies.
CareerIn the summer of 1967, directly after completing his Ph.D. in astrophysics at MIT,[citation needed] 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.[5] 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 (doxycycline), 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.[6] 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.[7] As of January 2012 the case was still in court, with the plaintiffs seeking an interest in Apotex or damages of $1 billion.[8]In 1970 he invested in New York's Barr Laboratories with US-based partners, became its largest shareholder and served as Barr's president.[9] As of 2000, he controlled about 33% of Barr Laboratories' stock. Barr won the first rights to manufacture generic versions of Eli Lilly's Prozac. Today, Barr Laboratories' is a division of Barr Pharmaceuticals, Inc., with its head office 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.[10] Barr is Wal-Mart's main pharmaceutical supplier according to Forbes,[citation needed] and its annual 2007 sales exceeded $2.5 billion US.[11][not in citation given]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, Sherman started Apotex with a few 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[citation needed] with its head office in Toronto; it claims to be Canada's largest Canadian-owned pharmaceutical.[12] Sherman also became involved in Nutraceutical manufacturing and other businesses, founding NION (National Institute of Nutrition) with Richard Kashenberg. He later sold the company to Schiff and continued onto Apotex.
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.[13][not in citation given]Personal lifeSherman was married to Honey Sherman, and they had four children.[14]He donated a record amount of 50 million dollars to the United Jewish Appeal.[15] He built a major addition to the geriatric Baycrest centre,[16] and to other Toronto-area community centres and hospitals.[which?]DeathOn December 15, 2017, police officers were called to Sherman's home in North York (Ontario, Canada) where they discovered the bodies of Sherman and his wife. The couple were found hanging side by side next to their indoor pool [17]. The deaths are considered "suspicious".[18] Some sources indicated that the investigation was looking into a possible murder-suicide.[14]
The United Jewish Appeal (UJA) was a Jewish philanthropic umbrella organization that existed from its creation in 1939 until it was folded into the United Jewish Communities, which was formed from the 1999 merger of United Jewish Appeal (UJA), Council of Jewish Federations and United Israel Appeal, Inc. In 2009, United Jewish Communities changed its name to The Jewish Federations of North America.
In January 1939, the United Jewish Appeal for Refugees and Overseas Needs was established, combining the efforts of American Jewish Joint Distribution Committee, led by Rabbi Jonah Wise; the United Palestine Appeal, led by Rabbi Abba Hillel Silver; and the National Coordinating Committee Fund led by William Rosenwald. The three founders emphasized that the funds needed to support Jews in Europe and Palestine would be triple to quadruple the amount raised in the previous year. While the organizations would raise funds together, the Joint Distribution Committee would assist Jews in Europe, the United Palestine Appeal would aid the Jewish community in Palestine, including refugees from Europe arriving there and the National Coordinating Committee Fund would assist refugees arriving in the United States.[1]
In 1999, the UJA merged with the Council of Jewish Federations and United Israel Appeal, Inc. to form a combined entity that would be called the United Jewish Communities. While the organizations had been raising more than $1 billion annually, they had faced concerns that the individual organizations were not as relevant as during the Holocaust and the creation of the State of Israel, with many major donors seeking to direct their philanthropy through their own foundations rather than through the umbrella organizations. The balance of power would shift to the federations, which would select about two-thirds of the 120 members on the board of trustees of the new organization. Businessman and philanthropist Charles Bronfman was chosen as the volunteer chairman of the combined entity, responsible for planning the group's strategic direction.[2]
Cultural allusions
In the Woody Allen film Bananas, the dictatorial president of the fictional country of San Marcos accidentally calls upon the UJA, instead of the CIA, to help prevent a coup. The result is that as fighting swirls in the streets around him, at least one rabbi can be seen soliciting donations from combat troops.
Rabbi Jonah Bondi Wise (February 21, 1881 – February 1, 1959) was an American Rabbi and leader of the Reform Judaism movement, who served for over thirty years as rabbi of the Central Synagogue in Manhattan and was a founder of the United Jewish Appeal, serving as its chairman from its creation in 1939 until 1958.
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