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SLS sells Carmel to 3i

3i has bought a 23% stake in Carmel Pharma, a Swedish hazardous drug waste management business, from Scandinavian Life Science (SLS) Venture, a Stockholm based VC, for an undisclosed sum.

Carmel was founded in 1994 and SLS invested an undisclosed amount in 1999. The company is the maker of PhaSeal, a product used for the handling of toxic drugs and minimizing leakage in the workplace. It expanded to the US in 1998 and is the only end-product handling system approved by the US Food and Drug Administration (FDA.)