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