They would not confirm that the two bodies were the Shermans but say they are treating the deaths as "suspicious". The couple were found in their home, which was up for sale. Although Sherman stepped down as the CEO of the company, he continued to serve as the chairman.
The investigation is in its initial stages, but the deaths are not being treated as homicides, CNN quoted Constable Hopkinson, as saying. "Dr. Sherman gave his life to the singular objective of our organization - innovating for patient affordability", the company said.
Forbes has estimated Mr. Sherman's fortune at $3.2 billion.
Lawsuits from family members, alleging they were cut out of their share of the company back in 1967, had dogged Mr Sherman for decades. He spoke briefly with officers and left visibly shaken. Neighbours confirmed that the property was the couple's home.
"It's heartbreaking. It's shocking", Ms. Alvi said.
Wenger asked about Man Utd interest, as he ends Mesut Ozil uncertainty
Wenger confirmed that Theo Walcott is now suffering with a muscle injury of his own which kept him out on Wednesday night. I believe he had a good game (at West Ham in midweek) and gave a lot. "I said I would rotate up front a bit".
Prime Minister Justin Trudeau and his wife Sophie Gregoire Trudeau were among those to offer a tribute to the couple through social media.
"Our condolences to their family & friends, and to everyone touched by their vision & spirit", Trudeau wrote on Twitter. "Barry Sherman was a more reserved man but a man who over his business career created hundreds and hundreds of jobs for people in the City of Toronto and he loyally invested in the City of Toronto, keeping a lot of the manufacturing and other operations of Apotex here in the city".
Eric Hoskins, Ontario's Minister of Health and Long-Term Care, tweeted: "I am beyond words right now". Wonderful human beings, incredible philanthropists, great leaders in healthcare. (9NEWS) Post-mortem examinations will be conducted on Barry and Honey Sherman.
Toronto mayor, John Tory, said the he was "shocked and heartbroken" to learn that the two were found dead in their home. The philanthropic and economic contributions they have made to Toronto put them in a class of their own.
Const. David Hopkinson, spokesperson for the Toronto Police Service, said police hope to receive the results of the autopsies later on Saturday.