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