Sherman founded the Toronto-based Apotex Inc.in 1974 with two employees and gradually turned it into the largest Canadian-owned pharmaceutical company.
The address where the bodies were found was recently listed for sale for $6.9 million Canadian (US$5.4 million). He stepped aside in 2012 as the CEO, but remained as its executive chairman. But Ontario's health minister said the couple had been discovered dead. The pharmaceutical company produces and exports generic drugs to more than 115 countries.
A local constable said the circumstances of the deaths appear to be suspicious and it is being treated as such.
Homicide investigators have joined the case, although Sherman and his wife's death has not been officially ruled as one.
"Toronto Police are investigating, and I hope that investigation will be able to provide answers for all of us who are mourning this tremendous loss", Mr.
Police later said there were no signs of forced entry at the property and they were not now searching for a suspect, according to CBC.
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Barry Sherman, 75, was a prominent donor to Canada's ruling Liberal Party, drawing on a fortune that Forbes estimated at $3.2 billion.
Ontario Health Minister Eric Hoskins sent a tweet expressing shock at the death of his "dear friends", who he described as "wonderful human beings".
Sherman's wife, Honey, was a member of the board of the Baycrest Foundation and the York University Foundation.
She immigrated to Canada as a child when Jewish Immigrant Aid Services relocated her family shortly after the Holocaust, according to a profile of the couple on the Jewish Foundation of Greater Toronto's website.
The couple gave tens of millions of dollars to hospitals, universities and Jewish organizations, CBC reported. 'It's going to be a very, very big loss'.
"We've been informed of the tragic news that Barry and Honey Sherman have unexpectedly passed away", Apotex, a generic-drug maker, said in a statement Friday.