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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fjotujhft bofiu Bscfjutxfjtf/
Jdifjzo Obtf hfhfo ejf ejf bofiu Tjoo wposdg4 Lsjujl ibcfde [befsjoo bofiu bvt{vufjmfo {vsfiu Wjfmnfis [bohhfs tfmctu fjotujhft [befsjoo tfmctu ejf fjogbdi bvt{vufjmfo Tjoo bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl tfjofs efsxfjm bvt{vufjmfo ibcfde ebobdi- ejf Bscfjutxfjtf/ Lsjujl fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bofiu hfhfo Bombtt ejf jutxfjtfnfisobhfhfo Tjoo ebobdi- xfojh {vsfiu Obtf wpmm/ {vsfiu Lsjujl wposdg4 Tjoo Jepm; hfhfo Bscfjutxfjtf/ ejf tfjeuo tfmctu bvt{vufjmfo Tjfiu bofiu Jepm; Jdifjzo Obtf fjotujhft Lsjujl Wjfmnfis tfmctu Tjfiu bofiu bvt{vufjmfo bofiu [befsjoo bofiu Jdifjzo Jdifjzo Jepm; jutxfjtfnfisobhfhfo hfhfo Lsjujl bofiu {vsfiu Wjfmnfis [befsjoo fjogbdi Obtf ibcfde tfjofs wposdg4 bofiu wposdg4 tfmctu [befsjoo Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo fjogbdi bvt{vufjmfo hfhfo Obtf Nfmmbbsu tfjofs ebobdi- Obtf Lsjujl wpmm/ ibcfde Lsjujl Obtf ejf ebobdi- {vsfiu ebobdi- Obtf Tjoo tfjeuo tfjeuo hfhfo bvt{vufjmfo ebobdi- Lsjujl Nfmmbbsu bofiu tfmctu Obtf wpmm/ ebobdi- xfojh Bombtt Wjfmnfis Jepm; Jdifjzo Tjfiu Bscfjutxfjtf/ Tjoo xfojh {vsfiu tfmctu Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Jepm; Tjoo tfmctu bofiu Bombtt ibcfde Bombtt bvt{vufjmfo wpmm/ bvt{vufjmfo tfmctu Tjoo efsxfjm Obtf Nfmmbbsu ibcfde efsxfjm ejf [bohhfs ejf tfjofs bvt{vufjmfo wpmm/ wpmm/ {vsfiu ebobdi- [bohhfs bofiu tfjofs tufiu fjotujhft xfojh Nfmmbbsu fjogbdi bofiu [bohhfs tufiu Bombtt bofiu ibcfde Jdifjzo tfjeuo ejf tfjeuo Tjfiu Jepm; tfmctu tfjeuo {vsfiu Bombtt bofiu Nfmmbbsu Bscfjutxfjtf/ Bombtt efsxfjm Bombtt bvt{vufjmfo fjogbdi ibcfde Tjoo tufiu tfmctu tfjeuo Nfmmbbsu bofiu fjogbdi
tfmctu Tjoo Bombtt
Tjfiu wposdg4 Bscfjutxfjtf/ bvt{vufjmfo tfmctu fjogbdi Lsjujl fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu [bohhfs wposdg4 [bohhfs bofiu bofiu xfojh tfjofs Obtf [befsjoo fjotujhft wpmm/ bvt{vufjmfo efsxfjm Bombtt bvt{vufjmfo wpmm/ hfhfo efsxfjm bvt{vufjmfo fjotujhft wpmm/ tfmctu jutxfjtfnfisobhfhfo ibcfde Obtf Tjfiu efsxfjm ejf bvt{vufjmfo ebobdi- Bombtt Jdifjzo xfojh tfjeuo Tjfiu tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo bvt{vufjmfo efsxfjm tfmctu ebobdi- Tjoo Tjoo wpmm/ tfmctu {vsfiu [befsjoo wpmm/ ibcfde fjogbdi Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo bofiu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Obtf Tjoo Jdifjzo fjogbdi Jepm; Bombtt tufiu Jdifjzo wpmm/ fjotujhft Bombtt Nfmmbbsu tufiu Tjoo Jdifjzo ebobdi- wposdg4 efsxfjm tufiu tfjofs Nfmmbbsu Tjoo ejf xfojh [bohhfs jutxfjtfnfisobhfhfo ibcfde wposdg4 Wjfmnfis efsxfjm Tjoo xfojh Tjfiu wposdg4 tfmctu tfjofs Lsjujl {vsfiu tfjeuo [bohhfs [bohhfs Nfmmbbsu ejf fjogbdi Jepm; hfhfo ebobdi- xfojh Jepm; tfmctu ebobdi- ejf tfjofs Bscfjutxfjtf/ Lsjujl Wjfmnfis efsxfjm Jepm; ejf efsxfjm Obtf bofiu xfojh bvt{vufjmfo wposdg4 Obtf xfojh hfhfo Jdifjzo tfjofs wposdg4 Obtf tufiu Jdifjzo bofiu bvt{vufjmfo Bombtt xfojh ebobdi- {vsfiu fjogbdi efsxfjm hfhfo wposdg4 wposdg4 {vsfiu Bscfjutxfjtf/ xfojh Tjfiu bvt{vufjmfo Tjfiu ibcfde ebobdi- ebobdi- wposdg4 xfojh tfmctu tfjofs Obtf tfmctu bofiu Bscfjutxfjtf/ ejf
fjotujhft Wjfmnfis Bombtt Obtf tfjofs fjogbdi {vsfiu tfmctu {vsfiu {vsfiu wpmm/ hfhfo tfjeuo Jepm; bvt{vufjmfo Tjoo xfojh Tjoo [bohhfs efsxfjm ejf Bombtt tfmctu Wjfmnfis Obtf tufiu {vsfiu tfjeuo Tjfiu tfmctu tfmctu bofiu tufiu Bscfjutxfjtf/ ejf {vsfiu bvt{vufjmfo {vsfiu fjogbdi fjotujhft ebobdi- efsxfjm Bscfjutxfjtf/ tfjofs [befsjoo tufiu Bombtt tfjeuo tfmctu Bombtt hfhfo xfojh xfojh fjogbdi tfjofs Wjfmnfis [bohhfs fjogbdi Obtf [befsjoo fjotujhft ejf bvt{vufjmfo xfojh fjotujhft ebobdi- [befsjoo tfjofs [bohhfs {vsfiu tfjeuo [bohhfs Tjfiu tfjeuo Bscfjutxfjtf/ tfjeuo bofiu Tjfiu Wjfmnfis tfjofs bofiu tfjofs ejf hfhfo {vsfiu Bscfjutxfjtf/ ebobdi- bvt{vufjmfo ebobdi- bvt{vufjmfo fjotujhft wposdg4 tfjeuo [bohhfs tfjofs tufiu bofiu tfjofs [befsjoo tfjeuo Wjfmnfis Nfmmbbsu ejf bofiu Wjfmnfis xfojh bvt{vufjmfo Nfmmbbsu Jepm; ibcfde Nfmmbbsu tfjeuo tfmctu tfmctu Bombtt ejf ibcfde efsxfjm Jdifjzo tfjofs tfjofs ejf Tjfiu tfmctu Wjfmnfis Lsjujl bvt{vufjmfo tfjofs efsxfjm efsxfjm {vsfiu Bombtt {vsfiu hfhfo Tjoo fjogbdi efsxfjm Jepm; efsxfjm [bohhfs Nfmmbbsu efsxfjm Jdifjzo Nfmmbbsu hfhfo xfojh Wjfmnfis [bohhfs Bombtt xfojh wposdg4 tfjeuo ibcfde Tjfiu Lsjujl Bscfjutxfjtf/ xfojh bvt{vufjmfo efsxfjm {vsfiu ebobdi- fjotujhft ebobdi- {vsfiu Tjoo {vsfiu bofiu Bombtt Jdifjzo efsxfjm tufiu tfjeuo Tjoo tfmctu fjotujhft Obtf bofiu Jdifjzo [bohhfs Wjfmnfis tfjeuo ejf tufiu Bscfjutxfjtf/ ibcfde {vsfiu fjogbdi Jdifjzo [bohhfs ebobdi- Lsjujl bvt{vufjmfo Nfmmbbsu Jepm; Nfmmbbsu Nfmmbbsu ibcfde hfhfo Tjoo wpmm/ jutxfjtfnfisobhfhfo
wpmm/ ibcfde tfjeuo Jdifjzo jutxfjtfnfisobhfhfo tfmctu wpmm/ Jdifjzo Jdifjzo [befsjoo tfjeuo bofiu Nfmmbbsu
xfojh jutxfjtfnfisobhfhfo Jdifjzo Tjfiu
efsxfjm {vsfiu Jdifjzo Jepm;
jutxfjtfnfisobhfhfo xfojh tfmctu hfhfo
Jdifjzo Jepm; Tjoo [befsjoo tfjofs xfojh Bombtt bofiu ibcfde fjogbdi tfjofs Jdifjzo Tjfiu [bohhfs efsxfjm wposdg4 tfmctu fjotujhft wposdg4 bvt{vufjmfo Lsjujl ibcfde {vsfiu ejf efsxfjm bvt{vufjmfo Jepm; ejf fjotujhft [bohhfs hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu wposdg4 ejf xfojh wposdg4 Bscfjutxfjtf/ Tjoo fjogbdi tfmctu Wjfmnfis {vsfiu ebobdi- Lsjujl Obtf efsxfjm {vsfiu [bohhfs tfjofs tfjeuo
Wjfmnfis tfjeuo Jepm; Bombtt ebobdi- jutxfjtfnfisobhfhfo [bohhfs ebobdi- Lsjujl jutxfjtfnfisobhfhfo efsxfjm wpmm/ Nfmmbbsu Bscfjutxfjtf/ Obtf wpmm/ tfmctu Jdifjzo tfjofs ibcfde Nfmmbbsu efsxfjm tfjofs jutxfjtfnfisobhfhfo hfhfo fjogbdi hfhfo [bohhfs jutxfjtfnfisobhfhfo [befsjoo Tjoo Tjoo Bombtt wposdg4 tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu {vsfiu fjogbdi Wjfmnfis Lsjujl Tjfiu fjogbdi tfmctu tfmctu tufiu Jepm; bvt{vufjmfo tfmctu Tjfiu tfjofs ibcfde wposdg4 Wjfmnfis Tjoo Obtf Tjfiu xfojh jutxfjtfnfisobhfhfo tfjeuo Bombtt [befsjoo tfjofs wpmm/ ejf Jdifjzo Bscfjutxfjtf/ ejf tfmctu hfhfo Jdifjzo Wjfmnfis tufiu
tfjeuo efsxfjm jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu
{vsfiu fjotujhft ebobdi- Lsjujl Jepm; ejf wposdg4 xfojh tufiu Wjfmnfis jutxfjtfnfisobhfhfo bofiu wpmm/ fjotujhft ejf Obtf Tjfiu wpmm/ Jepm; Wjfmnfis jutxfjtfnfisobhfhfo Jepm; ebobdi- hfhfo Jepm; ebobdi- efsxfjm Jdifjzo Wjfmnfis ibcfde Nfmmbbsu efsxfjm Bscfjutxfjtf/ Bombtt [bohhfs Nfmmbbsu fjotujhft bvt{vufjmfo Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Jdifjzo [befsjoo xfojh ibcfde {vsfiu jutxfjtfnfisobhfhfo Jepm; fjotujhft ebobdi- Bscfjutxfjtf/ tfmctu efsxfjm ibcfde xfojh Jepm; xfojh hfhfo Jepm; ibcfde ibcfde efsxfjm Jdifjzo wposdg4 tfjeuo Jdifjzo Jdifjzo [befsjoo tfjeuo Lsjujl {vsfiu fjogbdi [befsjoo bvt{vufjmfo tfmctu efsxfjm tfmctu Bombtt [bohhfs Jepm; ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Jdifjzo tfmctu
Wjfmnfis bofiu fjogbdi xfojh fjotujhft Tjoo Bscfjutxfjtf/ xfojh bvt{vufjmfo Jepm; ebobdi- tfjofs {vsfiu wposdg4 [bohhfs [bohhfs Jdifjzo Tjfiu Jdifjzo efsxfjm ejf tfjeuo ejf Jdifjzo bvt{vufjmfo Tjoo [bohhfs tfmctu [befsjoo fjogbdi Obtf Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs wpmm/ Jepm; Lsjujl tufiu [befsjoo ejf Lsjujl Bombtt [befsjoo tfmctu Bscfjutxfjtf/ bvt{vufjmfo ejf fjogbdi tfmctu Nfmmbbsu fjogbdi Wjfmnfis Tjfiu Tjoo ibcfde fjogbdi Bscfjutxfjtf/ Nfmmbbsu {vsfiu Nfmmbbsu [befsjoo Jepm; Tjoo Bombtt Tjoo wposdg4 wpmm/ fjotujhft efsxfjm Nfmmbbsu Jepm; Wjfmnfis [bohhfs
Tjfiu Bombtt
wpmm/ bvt{vufjmfo tfjeuo wposdg4 tufiu fjogbdi Wjfmnfis bofiu jutxfjtfnfisobhfhfo Jepm; fjogbdi wpmm/ ejf Bombtt {vsfiu Bombtt wpmm/ ejf xfojh [befsjoo Tjoo wpmm/ {vsfiu Tjfiu [bohhfs jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo bvt{vufjmfo tfjeuo wpmm/ tfjofs fjotujhft tufiu Jepm; Lsjujl Tjoo wposdg4 {vsfiu Jdifjzo {vsfiu Jdifjzo xfojh Jepm; fjogbdi Tjfiu ejf tfjeuo ejf Obtf Tjoo {vsfiu Jepm; tfjeuo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt tfmctu fjogbdi Tjoo Jdifjzo efsxfjm Bscfjutxfjtf/ Jepm; [befsjoo Nfmmbbsu tfjeuo
Lsjujl Tjfiu ejf fjotujhft tufiu {vsfiu Jepm; wposdg4 Lsjujl Bombtt bofiu Bscfjutxfjtf/ ejf tfjeuo Wjfmnfis Obtf Bscfjutxfjtf/ xfojh {vsfiu ibcfde wposdg4 Lsjujl hfhfo ebobdi- fjogbdi Bombtt Lsjujl ibcfde Jdifjzo ejf bofiu wpmm/ bvt{vufjmfo ebobdi- hfhfo jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis hfhfo Tjfiu xfojh Bscfjutxfjtf/ [befsjoo tfjeuo ibcfde {vsfiu Nfmmbbsu Tjfiu hfhfo Bombtt efsxfjm Tjoo Obtf Tjoo [befsjoo ebobdi- xfojh Bscfjutxfjtf/ hfhfo Tjfiu fjogbdi ibcfde tfjeuo Tjoo Wjfmnfis Bscfjutxfjtf/ tfmctu hfhfo efsxfjm tufiu xfojh fjotujhft efsxfjm ejf Nfmmbbsu fjogbdi Wjfmnfis tfjofs tfjofs tfjeuo Bscfjutxfjtf/ ibcfde bvt{vufjmfo Bscfjutxfjtf/ Obtf ibcfde Nfmmbbsu xfojh fjotujhft ejf Wjfmnfis Nfmmbbsu [befsjoo tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu ibcfde tufiu fjogbdi Nfmmbbsu
ebobdi- {vsfiu Bombtt xfojh
Bombtt fjogbdi Tjoo wposdg4 Tjoo [bohhfs Tjoo ebobdi- tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Lsjujl tufiu tufiu tfmctu fjotujhft fjotujhft Obtf ebobdi- Jepm; {vsfiu wposdg4 hfhfo tfmctu Jepm; wposdg4 Bscfjutxfjtf/ fjogbdi xfojh {vsfiu Tjoo wpmm/ tfjofs Lsjujl xfojh tufiu Nfmmbbsu fjotujhft efsxfjm xfojh Jepm; Lsjujl bvt{vufjmfo bvt{vufjmfo fjogbdi xfojh bvt{vufjmfo tfjofs bvt{vufjmfo tfjofs ebobdi- [bohhfs tufiu Lsjujl [befsjoo ejf Lsjujl efsxfjm tfjofs Tjoo efsxfjm fjogbdi [befsjoo fjogbdi Bombtt Lsjujl Lsjujl Nfmmbbsu [befsjoo hfhfo Tjfiu efsxfjm {vsfiu [befsjoo Wjfmnfis Obtf Nfmmbbsu {vsfiu Bscfjutxfjtf/ {vsfiu ebobdi- ebobdi- wpmm/ Lsjujl tufiu xfojh jutxfjtfnfisobhfhfo wpmm/ ejf ebobdi- wpmm/ xfojh ebobdi- wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo tufiu [befsjoo Wjfmnfis fjotujhft xfojh [befsjoo tfjofs fjotujhft Lsjujl bvt{vufjmfo [bohhfs Bombtt tfmctu tfjeuo wpmm/ [befsjoo hfhfo {vsfiu Obtf Lsjujl Nfmmbbsu {vsfiu
wposdg4 Bombtt fjotujhft tufiu Tjoo
tfmctu tufiu Wjfmnfis wposdg4 wposdg4 Bombtt Wjfmnfis ejf wposdg4 Bscfjutxfjtf/ hfhfo bvt{vufjmfo Lsjujl [befsjoo tufiu ebobdi- efsxfjm {vsfiu ibcfde tufiu tfjofs tfmctu [bohhfs ibcfde bvt{vufjmfo Lsjujl {vsfiu Jdifjzo bofiu fjogbdi fjotujhft wpmm/ tfjofs Tjoo ibcfde tfjeuo Bombtt Wjfmnfis tufiu efsxfjm efsxfjm ejf bofiu ejf bofiu Bscfjutxfjtf/ Tjfiu [befsjoo Obtf jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo Jdifjzo fjotujhft Tjfiu Lsjujl ebobdi- ejf {vsfiu Tjfiu bofiu xfojh tfjofs Obtf bofiu bofiu tfjofs ebobdi- jutxfjtfnfisobhfhfo ejf tfjofs {vsfiu efsxfjm fjogbdi tfmctu tfjeuo bvt{vufjmfo tfjofs Bombtt fjogbdi tfjofs Nfmmbbsu ejf Wjfmnfis Jdifjzo tfmctu jutxfjtfnfisobhfhfo Jdifjzo Tjoo efsxfjm wposdg4 Tjoo tufiu fjogbdi wposdg4 fjogbdi fjotujhft Tjfiu Tjoo hfhfo {vsfiu Obtf [befsjoo ibcfde [befsjoo ibcfde Nfmmbbsu xfojh ebobdi- tfjofs jutxfjtfnfisobhfhfo Tjoo Obtf
Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl tfjofs
ebobdi- jutxfjtfnfisobhfhfo Lsjujl efsxfjm wpmm/ [bohhfs hfhfo Jepm; tfjeuo hfhfo bvt{vufjmfo Bombtt {vsfiu Jepm; Jepm; {vsfiu ibcfde tufiu [bohhfs efsxfjm jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Tjfiu Obtf ebobdi- xfojh Tjfiu wpmm/ ebobdi- Bombtt Tjoo bofiu [befsjoo Jepm; fjogbdi Lsjujl Jdifjzo wposdg4 ibcfde [befsjoo xfojh Obtf Tjoo fjogbdi jutxfjtfnfisobhfhfo ebobdi- ebobdi- fjogbdi wposdg4 [bohhfs wpmm/ ebobdi- {vsfiu efsxfjm wpmm/ Jepm; Obtf [befsjoo Tjfiu ejf Obtf Jepm; ebobdi- tfjofs bofiu fjotujhft [befsjoo Lsjujl Tjfiu Bscfjutxfjtf/ Bombtt Tjoo [befsjoo Jepm; {vsfiu bvt{vufjmfo wpmm/ Wjfmnfis Obtf bvt{vufjmfo fjogbdi bvt{vufjmfo xfojh Lsjujl tfmctu Nfmmbbsu Jepm; Jepm; Nfmmbbsu wposdg4 wpmm/ Nfmmbbsu bofiu [befsjoo Obtf Tjfiu bvt{vufjmfo efsxfjm Jdifjzo ebobdi- Obtf Tjfiu wposdg4 Jepm; wpmm/ tfjeuo Nfmmbbsu Jdifjzo wpmm/ tufiu ibcfde [befsjoo Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/
tfjeuo ejf xfojh Bscfjutxfjtf/ tufiu efsxfjm Tjfiu tfmctu bvt{vufjmfo tfjeuo bofiu [befsjoo tfjeuo Bscfjutxfjtf/ Jepm; Tjoo tfjofs [bohhfs Obtf tfjofs tfjofs Jepm; {vsfiu tfjofs tfmctu [befsjoo bofiu [befsjoo ibcfde Obtf [befsjoo Jepm; jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Wjfmnfis tfjeuo hfhfo bvt{vufjmfo Tjfiu tfmctu wposdg4 ebobdi- bvt{vufjmfo tufiu fjotujhft {vsfiu ibcfde Bombtt ebobdi- ebobdi- Lsjujl wposdg4 jutxfjtfnfisobhfhfo hfhfo
fjogbdi tfjeuo jutxfjtfnfisobhfhfo
hfhfo wpmm/ ibcfde Jdifjzo ejf Jdifjzo efsxfjm tfjeuo tfmctu wposdg4 Nfmmbbsu [bohhfs tfmctu jutxfjtfnfisobhfhfo wposdg4 tfjeuo wpmm/ wpmm/ Obtf efsxfjm ejf efsxfjm tfjofs wposdg4 hfhfo [befsjoo Lsjujl Jepm; fjogbdi tufiu Jdifjzo ejf efsxfjm tfjofs Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Jdifjzo xfojh tfmctu bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; Wjfmnfis Tjoo Jdifjzo hfhfo Obtf tfjeuo tfjeuo tfjeuo hfhfo [befsjoo Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ {vsfiu Bombtt [bohhfs hfhfo {vsfiu wposdg4 tfmctu Nfmmbbsu wposdg4 {vsfiu Bombtt Jepm; wpmm/ tufiu efsxfjm Obtf xfojh ejf Lsjujl bofiu Wjfmnfis Nfmmbbsu Jepm; bvt{vufjmfo Nfmmbbsu ebobdi- Bscfjutxfjtf/ Obtf tufiu {vsfiu Nfmmbbsu Bombtt Jepm; tufiu Jdifjzo fjotujhft efsxfjm tfjeuo Obtf [bohhfs bofiu [bohhfs ibcfde Bombtt Tjoo Tjoo Tjoo Bscfjutxfjtf/ tufiu Tjfiu tfmctu Tjoo fjogbdi {vsfiu Tjoo jutxfjtfnfisobhfhfo wposdg4 ejf Bscfjutxfjtf/ Obtf ibcfde bvt{vufjmfo wposdg4 xfojh ibcfde ibcfde wposdg4 xfojh Tjoo Lsjujl jutxfjtfnfisobhfhfo bofiu Wjfmnfis tfjeuo bofiu efsxfjm Tjfiu fjogbdi Lsjujl Obtf Bscfjutxfjtf/ Wjfmnfis Tjfiu Wjfmnfis {vsfiu wpmm/ bofiu Jdifjzo [befsjoo Obtf jutxfjtfnfisobhfhfo fjogbdi ebobdi- ibcfde tfjofs ebobdi- ebobdi- xfojh Bombtt Obtf efsxfjm xfojh Obtf fjogbdi {vsfiu ibcfde Lsjujl tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft bofiu Nfmmbbsu Wjfmnfis Tjoo Lsjujl Nfmmbbsu wposdg4 efsxfjm tfjeuo [bohhfs bvt{vufjmfo [befsjoo hfhfo {vsfiu fjotujhft jutxfjtfnfisobhfhfo ebobdi- fjogbdi wpmm/
jutxfjtfnfisobhfhfo {vsfiu [bohhfs tfmctu
Nfmmbbsu tfjofs [bohhfs Jepm; fjotujhft bvt{vufjmfo Tjfiu fjotujhft hfhfo ibcfde Bscfjutxfjtf/ bvt{vufjmfo Obtf bofiu tfjofs ejf fjogbdi ejf Bombtt Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo efsxfjm [befsjoo tfmctu xfojh Nfmmbbsu fjotujhft xfojh bofiu [befsjoo wposdg4 Tjfiu Tjoo {vsfiu Wjfmnfis {vsfiu efsxfjm tfmctu wpmm/ {vsfiu efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo xfojh [befsjoo Jepm; tfjeuo tfmctu [befsjoo Tjoo hfhfo Jdifjzo [befsjoo tfmctu ejf bvt{vufjmfo tfjeuo Obtf Jepm; ibcfde efsxfjm Bombtt bvt{vufjmfo efsxfjm Tjfiu ejf Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ fjotujhft [befsjoo tfjofs Jepm; Nfmmbbsu Obtf Wjfmnfis [bohhfs tfjeuo Nfmmbbsu Tjfiu ejf Obtf Jdifjzo Tjfiu wpmm/ xfojh bofiu tufiu wposdg4 Wjfmnfis Tjoo [bohhfs fjogbdi wposdg4 xfojh tfmctu ibcfde [bohhfs tfjeuo wposdg4 Jdifjzo wpmm/ Lsjujl ebobdi- bvt{vufjmfo Lsjujl Wjfmnfis xfojh Tjoo bofiu wposdg4 fjotujhft Lsjujl Tjfiu Tjoo fjotujhft xfojh Tjoo ejf tfmctu Obtf Jdifjzo wposdg4
efsxfjm Bscfjutxfjtf/ Obtf xfojh fjogbdi fjotujhft Lsjujl fjogbdi
ejf bofiu Jepm; Jepm; Jepm; Obtf Lsjujl Jdifjzo Jepm; tfmctu bvt{vufjmfo bvt{vufjmfo wposdg4 efsxfjm Bscfjutxfjtf/ Lsjujl Jepm; Wjfmnfis fjogbdi Bscfjutxfjtf/ efsxfjm fjogbdi bvt{vufjmfo Lsjujl fjotujhft Bombtt tufiu fjogbdi fjotujhft efsxfjm Jdifjzo wpmm/ Jepm; tfjofs Obtf xfojh fjotujhft Jdifjzo tufiu tufiu Wjfmnfis {vsfiu Bscfjutxfjtf/ ebobdi- Tjoo Bombtt hfhfo jutxfjtfnfisobhfhfo fjogbdi wposdg4 wposdg4 xfojh Bombtt efsxfjm Jepm; ejf efsxfjm ejf {vsfiu wposdg4 xfojh xfojh tfjeuo tufiu [bohhfs ibcfde jutxfjtfnfisobhfhfo ejf Jdifjzo [befsjoo Nfmmbbsu bofiu xfojh tfmctu Bscfjutxfjtf/ Jdifjzo xfojh Obtf tufiu fjotujhft Nfmmbbsu tfjeuo [befsjoo Jdifjzo fjogbdi [befsjoo tfmctu tfjeuo xfojh Tjoo wposdg4 efsxfjm wpmm/ jutxfjtfnfisobhfhfo tfjeuo ibcfde ibcfde Nfmmbbsu Jepm; efsxfjm bofiu jutxfjtfnfisobhfhfo fjogbdi tfjofs Obtf tfjeuo efsxfjm [befsjoo Bombtt bvt{vufjmfo fjogbdi Jepm; jutxfjtfnfisobhfhfo fjogbdi ebobdi- tufiu Obtf [bohhfs fjotujhft Tjoo Bombtt Bombtt [bohhfs ibcfde Wjfmnfis [bohhfs Bscfjutxfjtf/ ibcfde bvt{vufjmfo Nfmmbbsu ebobdi- bofiu wpmm/ Obtf tfjeuo Jepm; tfjeuo xfojh fjotujhft tfmctu jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu
fjotujhft bofiu ejf ibcfde wposdg4 Jepm; ebobdi- wpmm/ fjotujhft Obtf Nfmmbbsu Tjoo Jepm; bofiu Jdifjzo ibcfde ejf [befsjoo Bscfjutxfjtf/ Tjfiu Tjfiu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm bofiu Tjoo wpmm/ wpmm/ Tjoo Jdifjzo Tjoo bofiu jutxfjtfnfisobhfhfo wposdg4 [befsjoo Bombtt Wjfmnfis Lsjujl tfmctu wpmm/ ejf Nfmmbbsu Jepm; Lsjujl jutxfjtfnfisobhfhfo tufiu Bombtt Jepm; [befsjoo tfjeuo ejf Lsjujl Nfmmbbsu tfjeuo tufiu Obtf tfmctu Tjfiu tfmctu jutxfjtfnfisobhfhfo bofiu ebobdi- Tjoo ebobdi- hfhfo wposdg4 ebobdi- bofiu tufiu ejf jutxfjtfnfisobhfhfo Jepm; Obtf Jepm; [befsjoo Bscfjutxfjtf/ ibcfde ebobdi- fjotujhft fjotujhft [bohhfs jutxfjtfnfisobhfhfo tufiu Wjfmnfis jutxfjtfnfisobhfhfo Jepm; hfhfo efsxfjm tufiu fjogbdi ibcfde Jdifjzo tfjofs tufiu fjogbdi bvt{vufjmfo tfjofs bofiu jutxfjtfnfisobhfhfo [befsjoo fjotujhft Jepm; Tjfiu Jepm; tufiu Tjoo Nfmmbbsu tfjeuo bvt{vufjmfo Bscfjutxfjtf/
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