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Tribune News Service
Tribune News Service
National
Evan Ramstad

Minnesota billionaire's family splits apart as they sell off drug company that made them rich

The acrimony grew in billionaire Ken Evenstad's family slowly, then ripped the family apart in the last years of his life.

Evenstad, who died in late 2020, made a fortune by driving a small Minneapolis drug company in the 1970s into the then-nascent market for generic drugs. The firm — Upsher-Smith Laboratories, now in Maple Grove — became a significant player in generics and developed dozens of its own drugs.

But as he battled pulmonary disease in his final years, Evenstad also struggled to separate the family from Upsher-Smith — which had no other shareholders except himself, his wife Grace, their daughter Serene and son Mark.

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