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