The Globe and Mail reports in its Thursday, June 11, edition that Barry Sherman, founder of Novo Nordisk rival Apotex Health, left his four children a fortune of around $4-billion after he and his wife Honey Sherman were murdered nearly nine years ago. The Globe's Andrew Willis writes that investing in their father's generic drug business with New York-based SK Capital Partners has significantly increased the heirs' wealth. Like the founders of iconic domestic companies Lululemon, Dollarama and Canada Goose Holdings, the second generation of the Sherman clan can thank PE fund managers for turbocharging growth in their business, along with the family's fortune. On Wednesday, Apotex stock soared in its debut on the Toronto Stock Exchange. It raised $1.3-billion by selling shares at $24 each, the top end of the range set by investment bankers underwriting the largest Canadian initial public offering in five years. Apotex stock finished its first day of trading at $27, up $3 from the IPO price in an otherwise down market. The newly public company sports a $5.8-billion market capitalization. Paperwork filed as part of the Apotex IPO shows how SK Capital transformed the business they bought from the Sherman estate in 2023.
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