Toronto police are now treating the deaths of billionaire Toronto couple Barry and Honey Sherman as a double homicide.

Investigators made the conclusion after spending “thousands of hours” combing through the evidence collected over the past six weeks, Det. Sgt. Susan Gomes said at a news conference on Friday.

“Both Honey and Barry Sherman were in fact targeted,” Gomes said.

Barry Sherman, 75, was the founder and former CEO of the generic drug company Apotex. Honey Sherman, 70, was a well-known philanthropist involved in numerous charitable endeavours.

Their bodies were discovered in their mansion on Dec. 15. Gomes said the bodies were hanging by belts from a poolside railing inside the home. The Shermans were found in a “semi-seated position,” and both were wearing their clothing, she said.

There were no signs of forced entry anywhere around the home, Gomes noted. She said the Shermans were last seen alive in the evening hours of Dec. 13. Neither one of them had contact with anyone else from that time until their bodies were discovered.

A few days after the Shermans’ deaths, police said that an autopsy showed they died from “ligature neck compressions.”

At the start of the investigation, Gomes said police considered three possibilities: that the Shermans’ deaths were a double suicide, a murder-suicide or a double homicide. Evidence has led investigators to believe that the couple was murdered, she said.

On Friday, the Sherman family said the police conclusion that the deaths were a double homicide was “anticipated” and consistent with what the family’s own private investigators determined.

“This conclusion was expressed by the family from the outset,” the family said in a brief statement.

Gomes did not answer questions about what type of evidence was found in the Shermans’ home.

She also wouldn’t discuss any possible suspects or persons of interest. She said investigators have “an extensive list of people” that they “look forward” to speaking to.

Earlier this month, a lawyer hired by the Shermans’ adult children accused Toronto police of misleading the public with their early statements about the case. Citing police sources, multiple media outlets reported that police were investigating the deaths as a murder-suicide.

Police had indicated in the beginning that investigators were not looking for suspects in connection with the case.

Gomes said Friday that police contact with the immediate Sherman family has been “consistent and ongoing” throughout the investigation. While she acknowledged that there has been frustration on the family’s part, she said the family is relieved to finally have some answers.

After more than a month of searching through the Shermans’ home, property and vehicles, police released the North York house on Friday to private investigators hired by the family.

In its statement, the Sherman family said it “continues to support the Toronto Police Service in their efforts to seek justice for their parents and pursue those responsible for these unspeakable crimes.”