In 1967, after completing his PhD, Sherman purchased the Empire Group of Companies from the executor of the estate of his aunt and uncle, Beverley and Louis Lloyd Winter, as both had died seventeen days apart in November 1965, leaving four orphaned young children: Paul Timothy, Jeffrey Andrew, Kerry Joel Dexter, and Dana Charles. Prior to the purchase, Empire was the first to secure the compulsory rights to manufacture Hoffmann-La Roche's Valium (diazepam), and was one of Canada's largest manufacturers of Pfizer's Vibramycin (doxycycline), Upjohn Company's Orinase (tolbutamide), and the dietary sweetener saccharin. To facilitate the corporate acquisition, Sherman along with his high school friend, Joel Ulster (Sherman and Ulster Limited), offered 5% equity options to each of the four children and a 15-year royalty on four of its patented products.

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