Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,  BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
 
  EUROPEAN COMMISSION  
Brussels,  10.2.2021 
C(2021)  1003 final  
PUBLIC VERSION 
EQT Fund Management S.à r.l.  
26A, Boulevard Royal  
L-2449 Luxembourg  
Luxembourg 
 
Cajelo Invest Ltd.  
Chm de Pra Micaud 43  
1936 Verbier  
Switzerland  
 
Zentricity Holding AB. 
Strandpromenaden 9  
131 50 Saltsjö- Duvnäs  
Sweden  
Subject : Case M.10004 -  EQT / ZENTRICITY / CAJELO / RECIPHARM  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 18 January 2021, the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which EQT IX 
Collect EUR SCSp and EQT IX Collect USD SCSp (together "EQT IX") controll ed 
by EQT Fund Management S.à r.l. (“EQT”, Luxembourg), Zentricity Holding AB 
(“Zentricity”, Sweden), which is controlled by private individual Thomas Eldered, and 
Cajelo Invest Ltd (“Cajelo”, Cyprus), which is controlled by private individual Lars 
Backsell , acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 

2 control of the whole of Recipharm AB (“Recipharm”, Sweden). The concentration is 
accomplished by way of public bid announced on 14 December 2020.3 
2. The business activities of the undertakings concerned are:  
− for EQT:  private equity funds that invest in companies across the world, which 
amongst others control EQT IX, an investment fund investing primarily in 
Europe, with a focus on Northern Europe;  
− for Zentricity: investment  company focusing on investing in pharmaceutical 
companies primarily in Sweden, which is controlled by private individual Thomas 
Eldered, who also controls Empros Pharma AB , a pharmaceutical compan y, 
Flerie Creations Ltd. and Flerie Invest AB;  
− for Cajelo: investment company that is controlled by private individual Lars 
Backsell, who also controls Glims Marketing Ltd. and Rohirrim AB, a horse 
breeding company;  
− for Recipharm: contract development and manufacturing organization, providing 
drug development and manufacturing services globally to the pharmaceutical 
industry (e.g. for finished dose pharmaceuticals, active pharmaceutical 
ingredients and clinical trial materials for customers in the pharmaceutical 
industry), as well as packaging services and logistics services.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivie r GUERSENT  
Director -General  
 
                                                 
3  Publication in the Official Journal of the European Union No C 029, 26.01.2021 , p. 4. 
4  OJ C 366, 14.12.2013, p. 5.