Toronto police say they are treating the deaths of Barry Sherman, 75, and Honey Sherman, 70, as a double homicide.

“We believe we have sufficient evidence to describe this as a double homicide and that both were targeted,” Det.-Sgt. Susan Gomes said on Friday from police headquarters.

Gomes said both were found dead by a real estate agent on Dec. 15 in the lower level pool area of their North York mansion, hanging by belts from a poolside railing. Autopsies confirmed both died from ligature neck compression.

Their home was up for sale at the time and police say there were no signs of forced entry.

Police sources had initially told media that they were considering the possibility of a murder-suicide — a declaration that the Sherman family vehemently rejected and called irresponsible. The family hired their own private investigators who concluded last week that the Shermans were murdered.

The family released the following statement shortly after the police update Friday:

“The announcement by the Toronto Police Service that the tragic deaths of their parents are being investigated as a double homicide was anticipated by the Sherman family. This conclusion was expressed by the family from the outset and is consistent with the findings of the independent autopsy and investigation. The family continues to support the Toronto Police Service in their efforts to seek justice for their parents and pursue those responsible for these unspeakable crimes.”

Barry Sherman founded Toronto-based Apotex Inc. in 1974 with two employees and gradually turned it into the largest Canadian-owned pharmaceutical company.

Along the way he amassed a vast fortune, recently estimated by Canadian Business magazine at $4.77 billion, making him the 15th richest person in the country.

Sherman was well known for his many legal tangles, a fact Gomes alluded to.

“Legal complexities in some executions have been challenging, given the litigious nature of Barry Sherman’s businesses, in particular the search and seizure of electronics in Barry Sherman’s workspace at Apotex.”

Related stories:

What we’ve learned about the Sherman murders

Video: Neighbour ‘heartbroken’ after 2 found dead in home of Apotex founder Barry Sherman

Police release cause of death of Barry and Honey Sherman

Apotex founder Barry Sherman among latest Order of Canada inductees