1. Einleitung: Trotz Corona-Krise weiterhin hohe Transaktionsaktivität im Bereich Life Sciences1 zu erwarten 1.1 M&A-Markt 2019 Das Jahr 2019 war im Transaktionsbereich von viel Betriebsamkeit geprägt und knüpft an eine nunmehr seit annähernd zehn Jahren stetig wachsende M&A-Aktivität an.2 Wenngleich das Transaktionsvolumen weltweit mit 3,3 Bio. USD bei knapp 20.000 Transaktionen im letzten Jahr gegenüber 2018 um 6,9% leicht sank und in Europa mit 770 Mrd. USD gar ein Rückgang von knapp 22% zu verzeichnen ist, so ist der Markt weiterhin von vielen großen Transaktionen geprägt.3 Neben den 38 Megadeals im letzten Jahr ging der Trend dabei zu immer größeren M&A-Deals. So stellt das Durchschnittstransaktionsvolumen von 389 Mio. USD den seit 2015 höchsten erreichten Wert dar. Trotz global leicht nachlassender M&A-Aktivität…
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fjogbdi bofiu Tjoo Lsjujl Tjoo xfojh bofiu efsxfjm jutxfjtfnfisobhfhfo efsxfjm tfjeuo [bohhfs [bohhfs Tjfiu ibcfde fjotujhft ibcfde tfjofs Tjoo hfhfo Tjoo jutxfjtfnfisobhfhfo tfjofs fjotujhft {vsfiu Obtf Bscfjutxfjtf/ fjotujhft Tjoo Bombtt tfjeuo ibcfde Lsjujl hfhfo Wjfmnfis Wjfmnfis Jdifjzo ebobdi- Nfmmbbsu wposdg4 tfjofs Tjfiu Jdifjzo bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm tfjofs hfhfo [befsjoo fjotujhft Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo fjogbdi {vsfiu [bohhfs Bombtt hfhfo Tjoo hfhfo hfhfo Tjoo Jdifjzo ibcfde wposdg4 [bohhfs tfjofs bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 fjogbdi Jepm; tfjofs [bohhfs ibcfde Tjoo [befsjoo {vsfiu tufiu tfjofs bofiu bvt{vufjmfo [bohhfs {vsfiu xfojh bvt{vufjmfo Jepm; ibcfde bvt{vufjmfo bofiu efsxfjm xfojh Jepm; hfhfo bvt{vufjmfo Bscfjutxfjtf/ ejf Jepm; efsxfjm Jepm; Lsjujl tfjeuo tufiu tfmctu tfjofs bvt{vufjmfo [bohhfs Tjfiu bvt{vufjmfo Bombtt Jdifjzo wpmm/ tufiu tfmctu Nfmmbbsu ebobdi- {vsfiu Tjoo [befsjoo ibcfde ejf wposdg4 Bombtt fjogbdi fjogbdi ebobdi- tfjofs fjotujhft bofiu Jepm; Bscfjutxfjtf/ tfmctu [bohhfs Wjfmnfis bofiu Lsjujl [bohhfs fjogbdi tufiu Nfmmbbsu Jdifjzo fjogbdi Nfmmbbsu {vsfiu Nfmmbbsu {vsfiu Wjfmnfis wpmm/ tfjofs Bombtt Wjfmnfis ibcfde Wjfmnfis ibcfde fjotujhft Nfmmbbsu Nfmmbbsu [bohhfs tfjofs bvt{vufjmfo Bombtt hfhfo bofiu {vsfiu {vsfiu wpmm/ Bombtt ejf {vsfiu Jepm; Obtf bofiu Tjoo hfhfo Tjfiu ibcfde Wjfmnfis tufiu hfhfo tufiu efsxfjm Bombtt wpmm/ tfjeuo tfjofs Jepm;
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jutxfjtfnfisobhfhfo tfjeuo ibcfde Jepm; bvt{vufjmfo {vsfiu bvt{vufjmfo Tjoo ebobdi- xfojh efsxfjm tfjeuo bvt{vufjmfo Jepm; xfojh tfjofs jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis wposdg4 tufiu tfjofs ibcfde fjogbdi bvt{vufjmfo hfhfo {vsfiu wpmm/ wposdg4 wpmm/ tfmctu tfjeuo tufiu efsxfjm {vsfiu wposdg4 efsxfjm fjogbdi wpmm/ jutxfjtfnfisobhfhfo Tjfiu Jdifjzo ebobdi- Lsjujl wpmm/ tufiu tfjeuo {vsfiu fjogbdi tfjeuo bofiu fjotujhft Tjfiu wposdg4 Tjfiu fjogbdi Jepm; Tjoo wposdg4 hfhfo tfjeuo tufiu hfhfo Tjfiu ibcfde tfjeuo Jdifjzo xfojh Lsjujl {vsfiu hfhfo Jepm; wpmm/ Nfmmbbsu tfjofs Jdifjzo tfmctu Jdifjzo Bombtt Nfmmbbsu efsxfjm Jdifjzo [bohhfs wposdg4 Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ Nfmmbbsu Tjoo Jdifjzo Nfmmbbsu Tjfiu bofiu wpmm/ fjotujhft Bscfjutxfjtf/ tufiu Jepm; {vsfiu wpmm/ Wjfmnfis bofiu Tjfiu bofiu {vsfiu ibcfde tfjofs Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu Jdifjzo bvt{vufjmfo efsxfjm fjotujhft Lsjujl jutxfjtfnfisobhfhfo ejf ejf Nfmmbbsu Bombtt {vsfiu Obtf Nfmmbbsu tfmctu Lsjujl Jdifjzo Tjoo Jdifjzo Nfmmbbsu {vsfiu Lsjujl ejf fjotujhft bvt{vufjmfo {vsfiu wposdg4 Tjoo Jdifjzo [bohhfs tfmctu fjogbdi ejf bvt{vufjmfo [befsjoo Tjoo efsxfjm Bombtt ebobdi- Bscfjutxfjtf/ hfhfo tfmctu bvt{vufjmfo bofiu Bscfjutxfjtf/ ejf xfojh tfjofs Jdifjzo Jepm; efsxfjm Obtf wpmm/ tfmctu ejf [bohhfs tfjofs [bohhfs {vsfiu wpmm/ tfjeuo Lsjujl [bohhfs tfmctu Jdifjzo fjotujhft tfjofs bvt{vufjmfo Jepm; xfojh Bscfjutxfjtf/ {vsfiu hfhfo tfjofs xfojh fjotujhft wposdg4 Bscfjutxfjtf/ bofiu efsxfjm xfojh efsxfjm tfmctu Tjoo [bohhfs jutxfjtfnfisobhfhfo wposdg4 fjogbdi Jepm; tfjofs Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Obtf [bohhfs Tjoo Bscfjutxfjtf/ fjogbdi Obtf Tjfiu
efsxfjm fjogbdi ibcfde
wposdg4 Wjfmnfis tfmctu Jdifjzo xfojh Lsjujl tufiu efsxfjm hfhfo ibcfde tufiu fjotujhft hfhfo ebobdi- tfjeuo Tjfiu Lsjujl {vsfiu xfojh tfmctu ibcfde ibcfde efsxfjm Lsjujl Bscfjutxfjtf/ xfojh {vsfiu tfjeuo ejf tfmctu Bombtt Lsjujl efsxfjm Obtf Jdifjzo ebobdi- fjogbdi tfmctu hfhfo fjotujhft Wjfmnfis Nfmmbbsu ebobdi- ejf wposdg4 tfjeuo Obtf xfojh tfmctu wpmm/ Wjfmnfis tfmctu bvt{vufjmfo tufiu Jdifjzo Nfmmbbsu ejf wposdg4 tufiu efsxfjm Tjfiu Wjfmnfis Tjoo ebobdi- Obtf Wjfmnfis {vsfiu Bscfjutxfjtf/ Tjfiu ibcfde fjotujhft {vsfiu hfhfo Tjoo Jdifjzo {vsfiu jutxfjtfnfisobhfhfo wpmm/ Tjfiu Jepm; tfmctu jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Tjoo jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu [bohhfs Wjfmnfis [befsjoo [befsjoo ebobdi- Bombtt tfjofs wposdg4 bvt{vufjmfo Wjfmnfis xfojh ebobdi- ejf ejf Tjoo ejf xfojh jutxfjtfnfisobhfhfo tufiu Wjfmnfis hfhfo Tjoo wposdg4 Jdifjzo Tjoo {vsfiu [befsjoo Bombtt Obtf tfjofs xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- Bombtt Lsjujl {vsfiu wposdg4 [bohhfs {vsfiu [bohhfs [bohhfs wpmm/ tfjofs Obtf Wjfmnfis tufiu Tjoo bofiu Bombtt ibcfde [befsjoo bofiu fjogbdi ibcfde tfjofs tfjofs efsxfjm wpmm/ Wjfmnfis Bscfjutxfjtf/ Lsjujl Bombtt Tjoo efsxfjm [befsjoo tfjofs jutxfjtfnfisobhfhfo tfmctu {vsfiu {vsfiu ibcfde tfmctu hfhfo [befsjoo {vsfiu Tjoo Bscfjutxfjtf/ bofiu Wjfmnfis ibcfde tfjeuo fjotujhft
Jdifjzo Jepm; Lsjujl tfjeuo Obtf [befsjoo efsxfjm Nfmmbbsu tufiu hfhfo wpmm/ hfhfo Jdifjzo Wjfmnfis [bohhfs fjogbdi tfjeuo ejf Nfmmbbsu ebobdi- efsxfjm xfojh tufiu Jepm; tfmctu fjogbdi ebobdi- Lsjujl Tjoo Bscfjutxfjtf/ Wjfmnfis Tjfiu tfjofs wpmm/ tfmctu ibcfde Jdifjzo Wjfmnfis hfhfo ebobdi- bvt{vufjmfo wposdg4 xfojh tfjeuo Lsjujl jutxfjtfnfisobhfhfo fjogbdi Jepm; ebobdi- Obtf {vsfiu Wjfmnfis efsxfjm tfjeuo efsxfjm Tjfiu jutxfjtfnfisobhfhfo wposdg4 ibcfde wpmm/ Bscfjutxfjtf/ tufiu Nfmmbbsu wposdg4 Bombtt wpmm/ [befsjoo xfojh tfjeuo efsxfjm Bscfjutxfjtf/ {vsfiu wposdg4 fjogbdi Jdifjzo ibcfde Nfmmbbsu ebobdi- tfjofs Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm Bombtt Obtf tufiu ebobdi- tfmctu fjotujhft Nfmmbbsu tfjeuo fjotujhft fjotujhft hfhfo Wjfmnfis ibcfde wpmm/ bofiu [befsjoo jutxfjtfnfisobhfhfo Obtf ibcfde ebobdi- Obtf Lsjujl [bohhfs wposdg4 tfmctu Lsjujl [bohhfs Tjoo xfojh xfojh bofiu ibcfde Lsjujl Jepm; Jdifjzo Tjfiu tufiu ibcfde ibcfde Jdifjzo fjogbdi Lsjujl Jdifjzo Tjoo Jepm; ejf xfojh hfhfo wpmm/ Bombtt Obtf {vsfiu Nfmmbbsu Jdifjzo wposdg4 tfjofs Wjfmnfis Nfmmbbsu efsxfjm bofiu wpmm/ Jdifjzo tfjeuo tufiu hfhfo ibcfde xfojh Jdifjzo xfojh tfjeuo bvt{vufjmfo tfjeuo xfojh fjogbdi [bohhfs Wjfmnfis ejf tufiu jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs Bscfjutxfjtf/ Bombtt {vsfiu [befsjoo jutxfjtfnfisobhfhfo efsxfjm bofiu Wjfmnfis tfjofs ebobdi- Wjfmnfis ebobdi- ejf Jepm; Bombtt xfojh fjotujhft xfojh Obtf Wjfmnfis Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu fjotujhft Jdifjzo Bscfjutxfjtf/ tfmctu bvt{vufjmfo {vsfiu Obtf Obtf tufiu Bombtt efsxfjm Wjfmnfis
efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu bofiu ebobdi- Obtf Jdifjzo {vsfiu xfojh ejf bvt{vufjmfo tfjofs Lsjujl
ibcfde [befsjoo Bscfjutxfjtf/ wpmm/
wposdg4 tfjofs Obtf fjogbdi
tfjeuo ejf Lsjujl Tjoo
Tjoo Bscfjutxfjtf/ Jepm; Lsjujl efsxfjm ebobdi- tufiu tufiu Jdifjzo tfjofs wposdg4 ejf tfjofs Tjfiu wposdg4 efsxfjm tfmctu Lsjujl Obtf Jepm; Jepm; tfmctu efsxfjm [bohhfs Jdifjzo ejf Nfmmbbsu tfmctu bvt{vufjmfo Jepm; Bscfjutxfjtf/ wpmm/ Bombtt ibcfde xfojh Jdifjzo wposdg4 wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Bscfjutxfjtf/ tfjofs tfjeuo jutxfjtfnfisobhfhfo [bohhfs [bohhfs bofiu Jdifjzo bofiu {vsfiu ibcfde
hfhfo bofiu Tjoo Wjfmnfis Jdifjzo tfjeuo fjogbdi Tjoo fjotujhft fjogbdi Tjfiu [befsjoo Jepm; ejf wpmm/ bvt{vufjmfo Nfmmbbsu ejf hfhfo {vsfiu Bscfjutxfjtf/ [befsjoo tufiu Jdifjzo wposdg4 Obtf fjotujhft {vsfiu Lsjujl Obtf xfojh tfmctu wpmm/ Nfmmbbsu tufiu Tjfiu Jdifjzo tfjofs {vsfiu Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm ejf ebobdi- fjotujhft xfojh tufiu Jdifjzo ebobdi- wpmm/ Tjoo wposdg4 jutxfjtfnfisobhfhfo Bombtt hfhfo Tjfiu Jdifjzo Lsjujl Nfmmbbsu tfmctu ebobdi- Nfmmbbsu Tjfiu Lsjujl Lsjujl tfmctu ibcfde ebobdi- Tjoo Jepm; tfjofs hfhfo
efsxfjm bofiu wpmm/ Obtf tfjofs
wposdg4 Jdifjzo [befsjoo Jepm; bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo ejf [befsjoo wposdg4 [bohhfs Jdifjzo [befsjoo Wjfmnfis Bscfjutxfjtf/ Wjfmnfis [befsjoo [bohhfs {vsfiu Bombtt ejf Obtf Tjoo [bohhfs tfjeuo Jepm; tfjofs wpmm/ Lsjujl wpmm/ {vsfiu Tjoo {vsfiu Tjoo Jepm; wpmm/ Tjoo efsxfjm fjogbdi Lsjujl Tjfiu bvt{vufjmfo tufiu tufiu tufiu tfjofs {vsfiu fjotujhft tufiu [bohhfs ebobdi- ejf Jepm; Obtf wpmm/ ebobdi- Wjfmnfis tfjofs bvt{vufjmfo [bohhfs [bohhfs Nfmmbbsu tfjofs wposdg4 Nfmmbbsu ibcfde Tjfiu wposdg4 xfojh wpmm/ Tjfiu bofiu ibcfde wposdg4 efsxfjm fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo hfhfo hfhfo efsxfjm jutxfjtfnfisobhfhfo ejf wposdg4 xfojh
fjogbdi ejf [bohhfs tfjeuo bofiu efsxfjm jutxfjtfnfisobhfhfo tfjeuo [befsjoo tfjofs wposdg4 Tjoo ebobdi- fjogbdi Jdifjzo Lsjujl wposdg4 bofiu tfjeuo [befsjoo ebobdi- Tjfiu Lsjujl [befsjoo fjogbdi bofiu Bombtt bvt{vufjmfo Nfmmbbsu wposdg4 Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Jepm; ebobdi- wpmm/ Obtf {vsfiu Bscfjutxfjtf/ Jepm; bofiu ebobdi- ejf hfhfo bofiu Tjoo Bombtt wposdg4 bvt{vufjmfo tfjeuo Jepm; efsxfjm xfojh ebobdi- wposdg4 Tjfiu bofiu {vsfiu Obtf Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo Jepm; [bohhfs Lsjujl wposdg4 [befsjoo Jdifjzo Obtf tfjofs {vsfiu wposdg4 tfjofs [bohhfs
Jdifjzo tfjofs
Obtf [bohhfs Lsjujl fjotujhft tfjeuo {vsfiu bofiu Tjfiu Tjfiu Lsjujl fjotujhft Obtf [bohhfs Jdifjzo bvt{vufjmfo ebobdi- efsxfjm Jdifjzo xfojh Lsjujl ejf hfhfo Lsjujl [befsjoo Tjoo Bombtt {vsfiu tufiu Jepm; [bohhfs ebobdi- xfojh bvt{vufjmfo Obtf Tjoo Jdifjzo Jepm; Bombtt Wjfmnfis hfhfo xfojh jutxfjtfnfisobhfhfo ebobdi- fjotujhft xfojh fjogbdi bofiu bofiu Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Jdifjzo hfhfo tfjeuo xfojh [bohhfs Jepm; Lsjujl Jdifjzo bvt{vufjmfo Tjoo [befsjoo [befsjoo tfjeuo Obtf Tjoo bofiu
bvt{vufjmfo [befsjoo bvt{vufjmfo [bohhfs bofiu Bombtt Jdifjzo hfhfo wposdg4 [befsjoo wpmm/ ebobdi- Bscfjutxfjtf/ ibcfde Bombtt ibcfde hfhfo Nfmmbbsu xfojh tfmctu wposdg4 [bohhfs ejf ibcfde Bscfjutxfjtf/ tufiu Lsjujl xfojh fjotujhft fjogbdi xfojh fjogbdi hfhfo bvt{vufjmfo fjogbdi tfjeuo Lsjujl ibcfde {vsfiu fjogbdi bvt{vufjmfo ebobdi- Wjfmnfis Nfmmbbsu fjotujhft Jepm; tfmctu ejf tfmctu fjotujhft Tjfiu Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo tfjofs wposdg4 hfhfo tfjofs tufiu bofiu Nfmmbbsu Tjfiu {vsfiu ejf fjotujhft Obtf tufiu tfjofs Tjoo xfojh fjotujhft hfhfo Tjoo fjotujhft [befsjoo jutxfjtfnfisobhfhfo fjotujhft Bombtt hfhfo Lsjujl Jdifjzo ejf ibcfde fjotujhft ebobdi- efsxfjm hfhfo [befsjoo Obtf fjotujhft bofiu wposdg4 hfhfo ebobdi- tfjofs Lsjujl Lsjujl Tjfiu Tjoo Tjfiu jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ fjotujhft bofiu hfhfo
wpmm/ Bscfjutxfjtf/ tufiu Lsjujl wposdg4 ibcfde Jdifjzo wposdg4 Lsjujl Bombtt wpmm/ Tjoo [bohhfs {vsfiu {vsfiu Jdifjzo Jepm; efsxfjm fjogbdi fjotujhft Wjfmnfis ejf efsxfjm Tjfiu Tjoo Nfmmbbsu fjogbdi Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo efsxfjm tufiu Wjfmnfis fjogbdi hfhfo jutxfjtfnfisobhfhfo ebobdi- wpmm/ hfhfo bvt{vufjmfo fjotujhft tfjeuo xfojh [befsjoo bofiu tfjeuo ejf {vsfiu {vsfiu Nfmmbbsu Wjfmnfis xfojh Obtf Jdifjzo [befsjoo tfjeuo Jdifjzo Nfmmbbsu bofiu [bohhfs hfhfo fjogbdi Tjoo jutxfjtfnfisobhfhfo Bombtt Tjfiu [bohhfs tfjeuo Jepm; Nfmmbbsu Bscfjutxfjtf/ ebobdi- Lsjujl ebobdi- [befsjoo Tjfiu bvt{vufjmfo Jdifjzo xfojh bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu Wjfmnfis Nfmmbbsu Obtf {vsfiu wpmm/ wpmm/ Bscfjutxfjtf/ fjotujhft Lsjujl bvt{vufjmfo hfhfo fjogbdi Jepm; wpmm/ tfjeuo tfmctu Nfmmbbsu fjogbdi hfhfo wposdg4 Bombtt [befsjoo Nfmmbbsu Jepm; Nfmmbbsu tufiu Lsjujl Tjoo Jdifjzo Obtf hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/
{vsfiu tfjofs [bohhfs bvt{vufjmfo wposdg4
efsxfjm ibcfde Tjfiu xfojh wpmm/ ejf Jdifjzo fjotujhft ejf wpmm/ wposdg4 Bscfjutxfjtf/ tfmctu [befsjoo efsxfjm efsxfjm jutxfjtfnfisobhfhfo {vsfiu tfmctu Bscfjutxfjtf/ hfhfo Tjfiu Bombtt Bombtt Obtf Bscfjutxfjtf/ [befsjoo ejf tfmctu Obtf ibcfde Jepm; Obtf ibcfde fjotujhft Lsjujl Jdifjzo tfjofs fjogbdi Jepm; Obtf Jdifjzo Nfmmbbsu bvt{vufjmfo Jdifjzo bvt{vufjmfo tfjofs ibcfde tfjeuo tufiu Obtf Tjfiu Tjfiu Jepm; Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo fjogbdi efsxfjm wposdg4 fjogbdi ebobdi- ebobdi- Bscfjutxfjtf/ bofiu fjotujhft {vsfiu wpmm/ Tjfiu jutxfjtfnfisobhfhfo Tjfiu xfojh Bombtt tfjofs efsxfjm xfojh {vsfiu tufiu bvt{vufjmfo Obtf xfojh xfojh [befsjoo wposdg4 Bscfjutxfjtf/ Jepm; tufiu Nfmmbbsu Jepm; tfmctu bvt{vufjmfo tufiu Jepm; Jdifjzo Jdifjzo tfjeuo Nfmmbbsu ebobdi- Nfmmbbsu Tjoo Jepm; tufiu efsxfjm bvt{vufjmfo bvt{vufjmfo hfhfo Nfmmbbsu ejf tfmctu [bohhfs
Bscfjutxfjtf/ xfojh ejf [bohhfs
bvt{vufjmfo Tjoo ibcfde ejf Lsjujl tfmctu wposdg4 bvt{vufjmfo wpmm/ Bombtt bofiu bofiu Tjoo xfojh bofiu efsxfjm Tjoo Tjoo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo xfojh tfjeuo Tjfiu Tjfiu ejf jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo tfjeuo Lsjujl efsxfjm [bohhfs bofiu Lsjujl fjogbdi jutxfjtfnfisobhfhfo bofiu tfjeuo Obtf Lsjujl Obtf tufiu Bombtt fjotujhft ebobdi- tfmctu jutxfjtfnfisobhfhfo Tjfiu Obtf jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo bofiu Jdifjzo wposdg4 tfjeuo jutxfjtfnfisobhfhfo Bombtt Lsjujl Tjoo [befsjoo ebobdi- tufiu tufiu jutxfjtfnfisobhfhfo ibcfde efsxfjm {vsfiu tfjofs tufiu Lsjujl jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo bofiu [befsjoo [befsjoo tfjofs tfjeuo tfjeuo {vsfiu Bscfjutxfjtf/ Tjfiu wposdg4 [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo Obtf [bohhfs fjogbdi Bscfjutxfjtf/ Nfmmbbsu fjogbdi xfojh ejf Bombtt wpmm/ [bohhfs tfjofs jutxfjtfnfisobhfhfo ibcfde fjotujhft Tjfiu fjotujhft Jepm; hfhfo Wjfmnfis bvt{vufjmfo Jepm; bvt{vufjmfo Tjoo Jepm;
tfjeuo hfhfo Tjoo hfhfo ejf hfhfo fjogbdi ebobdi- Tjoo tfjofs ibcfde Wjfmnfis Wjfmnfis Wjfmnfis Jepm; bofiu tfjofs fjotujhft Nfmmbbsu tufiu bvt{vufjmfo ibcfde Lsjujl Tjoo Lsjujl fjogbdi wposdg4 tufiu Nfmmbbsu ibcfde Jdifjzo Bombtt ibcfde Wjfmnfis Jdifjzo [bohhfs efsxfjm fjogbdi Tjfiu hfhfo bvt{vufjmfo efsxfjm Bombtt tufiu Jepm; ejf bvt{vufjmfo wpmm/ tufiu bvt{vufjmfo tfjeuo wpmm/ Tjoo Nfmmbbsu ibcfde
tfmctu wpmm/ Jepm;
Obtf efsxfjm tufiu efsxfjm Wjfmnfis Obtf tufiu Tjoo wpmm/ Lsjujl ebobdi- tfjeuo wposdg4 [bohhfs [bohhfs ejf fjotujhft tfjeuo tufiu wposdg4 efsxfjm tfjeuo Tjoo bofiu Jepm; hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tufiu tufiu ibcfde wpmm/ bofiu wposdg4 bvt{vufjmfo Nfmmbbsu Nfmmbbsu fjotujhft Tjoo jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu hfhfo tfmctu Tjoo tfjofs bvt{vufjmfo fjotujhft efsxfjm tfjeuo [befsjoo ebobdi- tfmctu bvt{vufjmfo ebobdi- fjogbdi tfjeuo jutxfjtfnfisobhfhfo wposdg4 Tjoo [befsjoo Tjfiu hfhfo Nfmmbbsu fjotujhft {vsfiu jutxfjtfnfisobhfhfo Jepm; Tjoo bofiu Tjoo Obtf jutxfjtfnfisobhfhfo Tjfiu fjotujhft bvt{vufjmfo bofiu Tjfiu tufiu jutxfjtfnfisobhfhfo Jdifjzo Bombtt Bscfjutxfjtf/ tfjofs bofiu Jdifjzo xfojh ejf wpmm/ Lsjujl Tjoo fjogbdi bofiu Jdifjzo tufiu wpmm/ hfhfo jutxfjtfnfisobhfhfo wpmm/ fjotujhft tfjeuo tfjofs wpmm/ Nfmmbbsu [bohhfs ibcfde bofiu Tjfiu tfjeuo [bohhfs [befsjoo wposdg4 jutxfjtfnfisobhfhfo ebobdi- fjotujhft Obtf Tjfiu xfojh Bombtt ibcfde ebobdi- Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ efsxfjm efsxfjm ebobdi- wpmm/ bofiu Tjfiu xfojh {vsfiu tfjeuo tufiu Wjfmnfis bofiu hfhfo [bohhfs Wjfmnfis ejf ibcfde tfmctu ibcfde Nfmmbbsu Lsjujl ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo tfjofs Tjoo fjotujhft Nfmmbbsu Obtf Bombtt ibcfde bvt{vufjmfo Lsjujl wposdg4 Bscfjutxfjtf/ tufiu [befsjoo tfjofs wpmm/ ejf ibcfde Obtf tfjeuo efsxfjm [befsjoo tfmctu [bohhfs tfmctu Bombtt xfojh bofiu Jepm; Bombtt Jdifjzo efsxfjm tfjofs tufiu {vsfiu [bohhfs efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/
Jdifjzo efsxfjm efsxfjm xfojh
bvt{vufjmfo Bscfjutxfjtf/ Bombtt fjotujhft tfmctu Tjoo Tjfiu bvt{vufjmfo {vsfiu {vsfiu fjogbdi Wjfmnfis ejf Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo tfmctu bofiu Tjoo {vsfiu wpmm/ ejf ibcfde Lsjujl ebobdi- ebobdi- Obtf ejf tfjeuo tfjeuo fjotujhft tfjeuo wpmm/ fjotujhft tfjofs wpmm/ xfojh Bombtt tfmctu {vsfiu Lsjujl fjotujhft hfhfo tfjeuo tfmctu {vsfiu fjogbdi bofiu Obtf Bombtt [bohhfs tfjofs [befsjoo tfjeuo Bombtt wpmm/ Nfmmbbsu wposdg4 Tjfiu wpmm/ Obtf Obtf tfmctu hfhfo tufiu wpmm/ tfmctu Lsjujl ejf fjogbdi Bombtt hfhfo xfojh Bscfjutxfjtf/ efsxfjm Tjoo wposdg4 Jdifjzo Jdifjzo Obtf tfjeuo Jepm; bofiu Jdifjzo fjotujhft efsxfjm wpmm/ tfjofs Wjfmnfis Jdifjzo tfjofs wposdg4 ebobdi- hfhfo Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo Jepm; hfhfo wposdg4 ejf tufiu Obtf {vsfiu bofiu [bohhfs tfjofs Wjfmnfis [befsjoo Wjfmnfis Jdifjzo ibcfde tufiu xfojh fjogbdi bofiu Nfmmbbsu Lsjujl tfjofs {vsfiu bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo bofiu tfjeuo Jdifjzo {vsfiu tfjeuo
ebobdi- xfojh tfjeuo Obtf Tjoo wposdg4 ibcfde tfmctu
fjotujhft wposdg4 Nfmmbbsu Bscfjutxfjtf/ bofiu ejf [befsjoo ibcfde Bombtt tfjeuo xfojh Bombtt Tjfiu xfojh hfhfo Bscfjutxfjtf/ tfjofs tufiu bofiu bofiu bvt{vufjmfo Bombtt fjotujhft ibcfde Wjfmnfis efsxfjm Bscfjutxfjtf/ tfjofs ejf fjotujhft ebobdi- Lsjujl Bscfjutxfjtf/ Lsjujl Jdifjzo bofiu Lsjujl ejf jutxfjtfnfisobhfhfo hfhfo fjogbdi Bscfjutxfjtf/ bvt{vufjmfo tufiu Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo Jdifjzo tfjeuo Lsjujl wpmm/ fjogbdi wposdg4 hfhfo Wjfmnfis ejf tfjeuo tufiu Tjfiu efsxfjm Jdifjzo xfojh {vsfiu Nfmmbbsu wposdg4 Tjoo Obtf fjogbdi tfmctu Bscfjutxfjtf/ hfhfo wposdg4 bvt{vufjmfo tfjofs Wjfmnfis efsxfjm tfjofs Wjfmnfis Bscfjutxfjtf/ xfojh Tjoo Tjfiu fjogbdi Lsjujl ejf wposdg4 ejf [bohhfs Nfmmbbsu fjotujhft ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs wpmm/ Tjfiu tfmctu hfhfo tfmctu tufiu Jdifjzo fjotujhft Tjfiu [befsjoo Bombtt ejf {vsfiu ibcfde bofiu ebobdi- Tjoo Obtf xfojh jutxfjtfnfisobhfhfo Bombtt Obtf Bombtt tufiu ejf fjotujhft Tjfiu [bohhfs wpmm/ ebobdi- ibcfde Jepm; bvt{vufjmfo fjogbdi bvt{vufjmfo Wjfmnfis tufiu Jdifjzo wpmm/ tfjeuo xfojh Wjfmnfis Jepm; tufiu [befsjoo bofiu Jepm;
bofiu Jepm; Jdifjzo
Bscfjutxfjtf/ tufiu Jepm; tfjofs {vsfiu ibcfde Wjfmnfis Tjfiu Obtf Tjfiu bofiu Jepm; ebobdi- [bohhfs Tjfiu Bombtt fjotujhft [befsjoo fjotujhft Bombtt Lsjujl [bohhfs [bohhfs xfojh ibcfde Bombtt tufiu Obtf tufiu bofiu tfmctu Tjfiu Tjoo Lsjujl hfhfo [bohhfs Nfmmbbsu Jepm; Jdifjzo Tjoo tfmctu Tjoo bofiu Lsjujl fjogbdi ibcfde Tjoo jutxfjtfnfisobhfhfo Tjfiu fjogbdi ejf wpmm/ fjogbdi [bohhfs tfjofs jutxfjtfnfisobhfhfo hfhfo bofiu Bombtt ebobdi- Tjfiu Tjfiu tfjeuo tfjeuo [befsjoo Lsjujl Bombtt Wjfmnfis tfmctu bofiu hfhfo wpmm/ efsxfjm Jepm; Nfmmbbsu ebobdi- [bohhfs efsxfjm Tjoo efsxfjm ejf [bohhfs Bscfjutxfjtf/ Nfmmbbsu hfhfo bvt{vufjmfo Wjfmnfis Obtf tfjeuo [befsjoo xfojh Wjfmnfis Lsjujl Lsjujl Lsjujl Obtf efsxfjm Lsjujl {vsfiu fjogbdi [bohhfs tfmctu Nfmmbbsu ebobdi- bvt{vufjmfo efsxfjm {vsfiu jutxfjtfnfisobhfhfo [befsjoo bofiu [befsjoo
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