Police in Canada have said they believe pharmaceutical billionaires Barry and Honey Sherman were murdered, describing their deaths as a “targeted” killing.

Police offered their first update in the case on Friday, some six weeks after the couple was found dead in their Toronto mansion. Barry, 75, and Honey, 70, were found in a semi-seated position hanging by belts from a pool side railing, according to police.

No one has been charged in connection with the deaths but police said they have an “extensive list” of people they are planning to speak with in the coming weeks.

There were no signs of forced entry into the home, Susan Gomes of the Toronto police told reporters. The couple was last seen alive on Wednesday 12 December in the evening, some two days before their bodies were discovered on the morning of 15 December.



Police had initially deemed their deaths as “suspicious” but said they were not seeking any suspects. After weeks scouring the couple’s 12,000-square foot home, consulting with more than 125 witnesses and collecting 150 pieces of evidence, the said on Friday that they believed the couple was murdered.

“We have sufficient evidence to describe this as a double homicide investigation and that both Honey and Barry Sherman were in fact targeted,” Gomes said. “We haven’t developed any suspects, outside of understanding that people are outstanding for – or a person is outstanding for – this offence.”

Barry Sherman was the founder of Toronto-based Apotex Inc, which grew from two employees at its founding in 1974 into a global player with a workforce of 11,000. His net worth had been recently estimated at C$4.77bn, making him the 15th richest person in Canada.

The loss of the couple, who ranked among the country’s most generous philanthropists, stunned Canadian high society. Justin Trudeau, Canada’s prime minister, said he was saddened by their sudden deaths while John Tory, Toronto’s mayor, said he was “shocked and heartbroken”.

But Barry Sherman – who had a reputation as a fiercely competitive businessman – was not without controversy. He had faced legal action from family members who alleged they had been cut out of the company over the years and had once mused that his rivals might want him dead.

“The branded drug companies hate us. They have hired private investigators on us all the time,” Sherman said in a 2001 book titled Prescription Games. “The thought once came to my mind, why didn’t they just hire someone to knock me off? For a thousand bucks paid to the right person you can probably get someone killed. Perhaps I’m surprised that hasn’t happened.”

After couple’s death, media outlets in Canada quoted police sources who said the deaths were being investigated as a murder-suicide – a theory swiftly dismissed by those who knew the couple, who had recently listed their Toronto home C$6.9mn and were building a new home in the city.

The Sherman’s four adult children hired a team of experts to carry out an independent investigation and second autopsies. In a statement on Friday, the family said they had “anticipated” the double homicide designation.

“This conclusion was expressed by the family from the outset and is consistent with the findings of the independent autopsy and investigation,” they added. “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.”