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, 16.02.2021  
C(2021 ) 1157 final  
PUBLIC VERSION  
NORDIC CAPITAL X LIMITED   
26 ESPLANADE  
JERSEY JE2 3QA ST HELIER  
CHANNEL ISLANDS  
 
ASTORG ASSET MANAGEMENT 
S.A.R.L 
2 RUE ALBERT BORSCHETTE  F2 
1246 LUXEMBOURG  
LUXEMBOURG  
Subject : Case M.10135  – NORDIC CAPITAL / ASTORG ASSET MANAGEMENT 
/ CYTEL  
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 25 January  2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Nordic Capital 
X Limited, acting in its capacity as general partner of Nordic Capital X, L.P. (Jersey, 
Channel Islands), bel onging to the Nordic Capital group of funds (“Nordic Capital”)  
and Astorg VII SLP (Luxembourg), a fund managed by Astorg Asset Management 
S.à.r.l. (“Astorg”, Luxembourg)  acquire within the meaning of Article s 3(1)(b)  and 
3(4) of the Merger Regulation joint control of the whole of Cytel Inc. (“Cytel”, United 
States of America) by way of purchase of  shares .3 
2. The business activities of the undertakings concerned are:  
 Nordic Capital: group of private equity funds focusing on investments primarily 
in the Nordic region of Europe and selected Northern European sectors. Nordic 
                                                 
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 ’). 
3  Publication in the Official Journal of the European Union No C 34, 1.2.20 21, p. 27. 

2 Capital invests across a broad array of industries but has a particular focus on 
healthcare, techn ology & payments, financial services, industrial & busines s 
services and consumer products.  
 Astorg: European private equity group with offices in London, Paris, 
Luxembourg, Frankfurt, New York and Milan.  
 Cytel: provision of data -driven software and servic es to the pharmaceutical and 
biotechnology industry, offering statistical study design software, data science 
analytics services and consulting to improve clinical trial outcomes  
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 
paragraphs  5(a) and 5(b)  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 applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .